North Carolina Life Agent Practice Exam

The type of annuity that is characterized by making payments of no less than $100 quarterly is a Flexible Installment Deferred annuity. This type of annuity allows the policyholder to make flexible contributions over time, with a minimum payment requirement. The flexibility aspect indicates that the policyholder can choose when and how much to contribute, as long as they meet the minimum payment threshold of $100 each quarter.

In contrast, an Immediate Annuity requires a lump-sum payment and begins to make payouts almost immediately after the initial investment, with no additional contributions after the initial payment. An Equity Indexed annuity ties its returns to a specific equity index, while an Investment Annuity typically refers to a product that focuses on cash accumulation and growth, rather than structured installment payments. Therefore, the flexibility and quarterly payment structure distinctly identify the correct answer as the Flexible Installment Deferred annuity.