In a deferred annuity, which event initiates benefit payments to the annuitant?

Surrendering a deferred annuity means the annuitant chooses to withdraw the funds before the maturation date. This action results in a cash payout rather than initiating regular benefit payments. Thus, surrendering the contract does not trigger the start of annuity payments.

A cash refund may occur if the annuitant passes away before the contract matures, providing a lump sum to the beneficiaries. However, this situation does not relate to initiating benefit payments to the annuitant; rather, it addresses the return of funds upon the annuitant's death before maturity.

The death of the beneficiary does not initiate payments to the annuitant. Instead, it impacts the distribution of benefits under the terms of the contract; if the annuitant is still alive, their benefits continue as scheduled. Thus, this event does not relate to the activation of annuity payments.