The process of converting an annuity's accumulated value into a stream of income payments is called:

解析

Annuitization is the act of turning the annuity's accumulated value into periodic income payments under a selected payout option, beginning the payout phase. Accumulation is the earlier pay-in and growth phase. Reinstatement refers to restoring a lapsed insurance policy. Underwriting is risk selection at issue. Annuitization is the pivotal event that starts guaranteed income, and the payout option chosen at that point determines how long and to whom payments are made.