Comprehensive and Detailed Step by Step Explanation:

During theliquidation phase, an annuity pays out benefits to the annuitant based on the terms of the contract.

Benefit payments at regular intervals (B):Correct. These payments are structured as monthly, quarterly, or yearly installments based on the chosen payout option.

Cash withdrawals upon request (A):Relates to the accumulation phase, not liquidation.

A lump sum (C):Applies only if the annuity is structured for a single payout, not typical during the liquidation phase.

Nothing (D):Incorrect, as this phase is specifically for distributing payments.