Final answer:
Florida law mandates that variable annuity policy owners must receive notification of their contract's accumulated value on an annual basis. This ensures that policyholders are regularly updated about the value and performance of their investment. Option a.
Step-by-step explanation:
Under Florida law, the owner of a variable annuity policy must be notified of the accumulated value of the contract annually. This means the insurance company is required to provide the policyholder with a statement detailing the value of their annuity once each year. Annuities are financial products designed to grow funds and then, upon annuitization, provide a steady stream of payments to the individual.
The annual notification helps policyholders stay informed about the performance and value of their investment. Under Florida law, a variable annuity policy owner must be notified of the accumulated value of the contract on a quarterly basis. This means that the policy owner will receive a notification every three months informing them of the current value of their annuity contract.