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What change(s) must be applied if a market value adjusted annuity contract (modified guaranteed annuity) is surrendered at the end of the guaranteed period?
Options
a. Either a positive or negative adjustment must be made depending upon the market.
b. The cash value of the contract changes with respect to the market rate.
c. No adjustment needs to be applied.
d. A market value adjustment is applied to the cash value of the contract.
Answer: C
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