The payments on Q's annuity are no less than $250 quarterly. Which type of annuity does Q likely own?

Q is likely to own a Flexible Installment Deferred Annuity because this type of annuity allows for variable payment amounts that can be adjusted to meet the owner's financial situation. The minimum requirement of $250 quarterly suggests that Q has the flexibility to make contributions above this amount, which aligns with the characteristics of a flexible installment annuity.

A Flexible Installment Deferred Annuity enables the policyholder to pay into the annuity over time, as opposed to making one lump sum payment, and it usually has a minimum payment amount. This flexibility in how and when payments are made provides the individual with options that can suit varying financial needs.

In contrast, other types of annuities, such as Fixed Annuities, Immediate Annuities, and Variable Annuities, often involve more rigid payment structures or different characteristics that do not fit the description of quarterly minimum payments. For example, a Fixed Annuity typically offers set payments, while an Immediate Annuity starts making payments immediately after a lump-sum is paid, and a Variable Annuity has payments that can fluctuate based on investment performance. Thus, the requirement for minimum quarterly payments most closely indicates the nature of a Flexible Installment Deferred Annuity.