Question: Bridget started to fund a variable annuity. Three years later, she ran into serious financial difficulties. She called her financial advisor and cancelled the contract.

Bridget started to fund a variable annuity. Three years later, she ran into serious financial difficulties. She called her financial advisor and cancelled the contract. The insurer returned all but 4% of the account balance. The 4% withheld by the insurer is a/an: a.) Account administration fee. b.) Investment management fee. c.) Front-end load. d.) Surrender charge.

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