Payout Stage is the period during which an annuitant receives payments from an annuity contract.
Applying "Payout Stage" to Securities Exams:
When an investor wants to begin to receive payments from their annuity contract the investor is said to annuitize the contract. The investor goes from the payment or contribution state to the payout stage of their contract. The investor trades their accumulation units for annuity units and begins to receive payments usually monthly from their annuity contract.