Final answer:
The annuity period is when an annuity stops accumulating value and starts generating regular payments to the annuitant. It follows the accumulation phase and marks the start of benefit distribution.
Step-by-step explanation:
The period which refers to the point at which the annuity ceases to be an accumulation vehicle and begins to generate regular benefit payments is known as the annuity period. This phase follows the accumulation period, where payments are made into the annuity. The conversion, rebate, and refund periods offer different context and do not describe the annuity’s transition period from accumulation to distribution.