YOU ASK:

What is the definition of Annuity Contract Owner?

WE ANSWER:

The Annuity Contract Owner has all the rights and responsibilities specified in the annuity contract. He is also usually the annuitant (or the person who gets the regular annuity payments). However, the annuity contract owner may also specify a different annuitant but will just pay the fees required by the insurance company. The Annuity Contract Owner may also select the beneficiary/beneficiaries who will receive the annuity payments in the event that the annuitant dies.

The Annuity owner also has additional rights - like the right to surrender the annuity, make withdrawals from it or change the designated beneficiary. He may also make changes to other terms of the annuity contract.

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