Question
In: Finance
6. Dan purchased a fixed annuity from Excellent Life Insurance Company, naming his wife, Kathy, as...
6. Dan purchased a fixed annuity from Excellent Life
Insurance Company, naming his wife, Kathy, as annuitant and his
daughter, Jessica, as beneficiary. Who controls the
contract?
- a. Dan
- b. Kathy
- c. Jessica
- d. Dan and Kathy, jointly
Solutions
Expert Solution
Dan controls the contract because Most annuities allow the contract owner to change the annuitant at any time. ... The annuitant and the owner can be one and the same. The beneficiary is like the beneficiary of a life insurance policy. The death benefits of the annuity contract are paid to the beneficiary when another party to the annuity contract dies
jeff jeffy answered 2 years agoRelated Solutions
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