Who receives the proceeds after the death of the annuitant?

• A. The owner receives the proceeds
• B. The annuitant receives the proceeds
• C. The insurer receives the proceeds
• D. The beneficiary receives the proceeds

Answer: (D)

When the annuitant dies, the proceeds go to the person named as the beneficiary. The beneficiary is designated to receive death benefits or any remaining payments under the contract, which is why they, not the owner, the annuitant, or the insurer, receive the proceeds. The owner controls the contract but does not automatically get the payout unless they’re named as the beneficiary. The insurer simply administers the contract per its terms.