1. New York individual deferred annuity contracts must guarantee the owner minimum:

Nonforfeiture (guaranteed surrender) values

New York annuity contracts must contain required nonforfeiture provisions guaranteeing minimum cash and paid-up values.

2. New York requires individual annuity contracts to include a right-to-examine provision allowing the owner to:

Return the contract within the stated period for a refund

New York annuity contracts must contain required provisions including a right to examine and return the contract for a refund.

3. The basic purpose of an annuity is to:

Liquidate a sum of money into a stream of income, often for retirement

An annuity systematically converts a principal sum into income payments and protects against outliving one's money.

4. The accumulation period of a deferred annuity is the time during which:

Funds are paid in and grow tax-deferred

During accumulation, premiums are paid and earnings grow tax-deferred before the payout (annuity) period begins.