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1035 exchange annuity: Original post by Melinda Hill Mendoza of Demand Media A deferred annuity is an insurance policy with two phases -- accumulation and payout. The accumulation phase is when your annuity is earning interest, and the payout phase is when you take a guaranteed income from the annuity. If your annuity is in the accumulation phase, you can move it to another company, or a new annuity with the same…

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