1. A deferred annuity is one in which income payments:

Begin at a future date after an accumulation period

A deferred annuity accumulates value over time, with income payments beginning at a later, chosen date.

2. The annuity (payout) phase is the period during which:

The contract pays income to the annuitant

The payout (annuity) phase is when accumulated value is converted into a stream of income payments to the annuitant.

3. A joint and survivor annuity option pays income:

As long as either of two annuitants is living

Joint and survivor options continue payments as long as either annuitant lives, often reduced after the first death.

4. A life income with period certain option guarantees payments:

For life, but at least for a stated number of years to a beneficiary

Life with period certain pays for the annuitant's life and guarantees payments for at least the certain period to a beneficiary if the annuitant dies early.