Your client is interested in annuitizing his variable annuity contract. All of the following statements you make to your client about annuitization are correct EXCEPT

A$)$ annuitization is the conversion of the annuity's accumulated funds into a stream of periodic payments guaranteed to last for either one or more lifetimes or a specific time period.

B$)$ the annuity owner maintains the right to make withdrawals from the annuity's cash value or to surrender the annuity after the annuity contract is annuitized.

C$)$ the annuity owner holds key rights under the contract while the annuitant is living, one of which is the right to choose and change the annuitization date.

D$)$ once the contract is annuitized, the decision to receive periodic payments under any type of annuity income option is usually irrevocable.