The correct answer is: D. Time between purchase of annuity and start of payment of annuity payments by the insurer.
An annuity is a contract between an individual and an insurance company. The individual agrees to pay a lump sum or a series of payments to the insurance company, and the insurance company agrees to make regular payments to the individual for the rest of their life. The liquidation period is the time between the purchase of the annuity and the start of the annuity payments. During this time, the insurance company is investing the money that the individual has paid, and the individual is not receiving any payments.
Option A is incorrect because the time taken to build up a corpus is called the accumulation period.
Option B is incorrect because the period during which annuity payments are made by the insurer is called the annuity payment period.
Option C is incorrect because the insolvency period is the time during which an insurance company is unable to meet its financial obligations.