Which of the following statements regarding an immediate annuity is NOT correct?
A) A single premium immediate annuity is designed to make its first benefit payment to the annuitant at the first payment after a delay of 1 payment interval from the date of purchase.
B) An immediate annuity has a long accumulation period.
C) An immediate annuity must make its first payment within 12 months from the purchase date.
D) An immediate annuity is funded with a single payment.
Ans: B) An immediate annuity has a long accumulation period.
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