Comprehensive and Detailed Step by Step Explanation:
Immediate annuity definition: An annuity where payments begin soon after purchase—commonly within about one payment interval (often ~30 days).
Why D is correct: “Begins approximately one month after issuance” is the classic description of an immediate annuity.
Why others are wrong: The other choices are not the standard term for the “start right away” annuity structure.
Maryland reference: As with all products, describing payment start dates inaccurately can be a misleading disclosure; Maryland treats incomplete or misleading disclosure as misrepresentation.
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