Example: A client or producer applies this rule in a policy situation. The correct concept is Accumulation period. During accumulation, values build before income payments begin.

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Example: A client or producer applies this rule in a policy situation. The correct concept is Annuitization period. Annuitization converts accumulated value into a stream of payments under the selected option.

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Example: A client or producer applies this rule in a policy situation. The correct concept is Immediate annuity. Immediate annuities are designed to start income payments soon after purchase.

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Example: A client or producer applies this rule in a policy situation. The correct concept is Deferred annuity. Deferred annuities postpone income while value accumulates.

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Example: A client or producer applies this rule in a policy situation. The correct concept is A minimum interest or stated benefit basis subject to contract terms. Fixed annuities place investment risk primarily on the insurer and provide guarantees stated in the contract.

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Example: A client or producer applies this rule in a policy situation. The correct concept is Separate accounts. Variable annuity values fluctuate with separate-account investment performance.

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Example: A client or producer applies this rule in a policy situation. The correct concept is A formula linked to an external index subject to contract limits. Indexed annuity interest is linked to an index using caps, participation rates, spreads, floors, or other contract features.

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Example: A client or producer applies this rule in a policy situation. The correct concept is When distributed rather than as they accrue. Annuity earnings generally grow tax deferred and are taxed when distributed, subject to tax rules.

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Example: A client or producer applies this rule in a policy situation. The correct concept is Life only. Life-only payments are based solely on the annuitant's lifetime and provide no guaranteed minimum payout period.

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Example: A client or producer applies this rule in a policy situation. The correct concept is Without current recognition of gain if tax-law requirements are met. IRC Section 1035 can permit qualifying exchanges without current gain recognition when statutory requirements are satisfied.

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