Which feature should NOT be discussed when explaining a variable annuity to a prospective purchaser?

When explaining a variable annuity to a prospective purchaser, it's essential to focus on features that directly impact their investment decision and the nature of the product. The history of rate cap renewal does not provide relevant information about the current or future performance of the variable annuity. Potential purchasers need to understand how the investment works, the costs involved, the potential for growth based on the investment choices available, and the flexibility that comes with managing their subaccounts.

In contrast, discussing aspects like the ability to transfer values among subaccounts gives insight into how clients can adjust their investments according to market conditions or their financial goals. Fees and expenses are crucial for potential buyers to assess the overall cost of the product and its impact on returns. Similarly, flexibility in investment choices is vital as it highlights how the purchaser can tailor the investment based on their preferences, risk tolerance, and financial objectives. These elements are central to understanding how a variable annuity might fit into their overall financial strategy, while the historical context of rate cap renewals does not aid in making an informed decision about the purchase.