Cedric Hamel used a $$500,000$ lump sum to purchase a variable annuity with a guaranteed minimum death benefit rider. The rider uses the highest anniversary value death benefit method of determining the amount of the guaranteed death benefit. The contract's accumulated value on the first four anniversary dates were as follows:

Year $1$ anniversary$$$$480,000$

Year $2$ anniversary$$$$510,000$

Year $3$ anniversary$-$$$490,000$

Year $4$ anniversary$-$$$515,000$

With regard to the resets the insurer would apply to the amount of the guaranteed death benefit, it is correct to say that the

insurer applied the reset on every policy anniversary

guaranteed death benefit amount was $$500,000$ throughout the first four years of the contract

insurer applied the reset on the policy anniversaries for Year $1$ and Year $3$

insurer applied the reset on the policy anniversaries for Year $2$ and Year $4$