Detailed Answer in Step-by-Step Solution:
In a deferred annuity, the owner (who purchases the contract) can be the annuitant (who receives payments), the beneficiary (who receives proceeds), or a third party (C).
Option A (group contract) applies to group annuities, not individual ownership.
Option B (non-transferable) is false; ownership can often be assigned.
Option D (rights at payment phase) is incorrect; owners have rights during accumulation.
The Virginia study guide notes that deferred annuity ownership is flexible, allowing the owner to differ from the annuitant or beneficiary, with rights exercisable before payout. Reference: Virginia Life, Annuities, and Health Insurance study guide, section on "Annuities."
