During the accumulation phase of a variable annuity, the owner's payments purchase:

解析

In the accumulation phase of a variable annuity, contributions buy accumulation units in the separate account, and the value of those units fluctuates with the performance of the underlying investments, so the owner bears the investment risk. A guaranteed fixed dollar amount describes a fixed annuity. Annuity units are used during the payout (annuitization) phase, not accumulation. The owner is not buying the insurer's stock. Accumulation units measure the growing value before payout begins.