Final answer:
Yes, Florida law does specify actions for insurers when a variable annuity is an applicant's sole retirement income source. Insurers must assess suitability and provide clear information about the product's risks and benefits. The correct option is a.
Step-by-step explanation:
The question asks whether Florida law specifies what an insurer must do if an applicant indicates that a variable annuity would be the sole source of retirement income for the applicant. The answer is: a) Yes. Florida law does include provisions that aim to protect consumers in these situations.
Specifically, insurers are often required to assess the suitability of a variable annuity for a client and consider their financial situation and needs.
In scenarios where a variable annuity would be the sole source of retirement income, it may prompt a more thorough evaluation of the applicant's circumstances to ensure that the financial product is not only suitable but also that the consumer understands the risks involved.
Insurers may also be required to ensure that consumers have access to clear information about the product and that there is an honest representation of the potential benefits and risks. The correct option is a.