Life · Chapter 9 · Parties
Annuitant
Definition
The person who receives the income when the contract is annuitized — and the person whose life expectancy the benefit payments are based on (not the owner's). Must be a natural person.
Exam tip
Whose age matters at annuitization? The ANNUITANT'S — never the owner's. Also: an annuitant's occupation or hobbies do NOT affect the price (nothing to do with liquidating funds).
Easy to confuse with
These are what this term gets tested against — if you can't tell them apart cold, drill the contrast.
Related terms