Answer:
Annuity is a form of investment made at equal intervals. deposits to a saving account on a monthly basis is an example of annuity. The surrender period is the time an investor have to wait before to withdraw from an annuity without any penalty
If a person defers annuity before the annuitization period then the owner receives the premium payments that he has paid into the annuity and the interest. The surrender charge is deducted from the amount returned.
