Morris Dell owns a variable annuity contract that contains a guaranteed lifetime withdrawal benefit $($GLWB$).$ This benefit guarantees

that a specified portion of Mr$.$ Dell's annuity will be invested in a fixed account rather than in subaccounts

that Mr$.$ Dell can receive a minimum annuity payment amount annually based on the annuitization of the contract's benefit base

that Mr$.$ Dell can take annual withdrawals of a specified percentage of a protected value for life without annuitizing the contract

that the annuity contract's death benefit will be equal to the greater of either $($a$)$ the premiums paid, less any withdrawals or $($b$)$ the contract's accumulated value