All of the following statements are correct regarding an annuity, EXCEPT:

All of the following statements are correct regarding an annuity, EXCEPT:



a. An annuity can be characterized by immediate or deferred income

b. Annuity premiums can be made in single or periodic payments

c. An immediate annuity must start providing income within 3 years of the first premium payment

d. The accumulation value grows tax-deferred



Answer: C

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