Final answer:
The benefit paying period of an annuity is called the annuity period, and it is the time when annuity payments are made to the annuitant.
Step-by-step explanation:
The benefit paying period of an annuity is called the annuity period.
This is the time during which the annuity owner, or annuitant, receives regular payments from the annuity.
The accumulation period is actually the phase where the owner makes contributions to the annuity in preparation for future withdrawals.
The annuity period contrasts with the accumulation period, as it is when the annuity payouts occur, typically after retirement.