Final answer:
Florida law requires that a policyowner be notified of the accumulated value of their variable annuity contract, which, like cash-value life insurance, accumulates cash value that can be used by the policyowner.
Step-by-step explanation:
Under Florida law, it's mandated that a policyowner must be notified of the accumulated value of their variable annuity contract. A variable annuity is a type of insurance contract that provides a death benefit and includes an investment component, where its returns are tied to the performance of an investment portfolio.
Much like cash-value (whole) life insurance, which not only provides a death benefit but also accumulates cash value, this accumulated amount can sometimes be used by the policyowner as an account for personal use. As such, knowing the accrued value is crucial for policy management and financial planning purposes.