Who is the annuitant in an annuity contract?

In an annuity contract, the annuitant is defined as the individual by whose life the contract's benefits are measured. This means that the terms of the contract, such as the amount of benefits paid and the duration of those payments, are directly tied to the lifespan of the annuitant. The annuity's payouts typically commence upon the annuitant reaching a certain age or a specified date, and they continue for a predetermined period or until the annuitant's death.

This designation is crucial because it determines how the annuity functions and impacts the beneficiary arrangements, ensuring that the financial security provided by the annuity is aligned with the life expectancy of the individual involved. The other positions mentioned in the other choices refer to different roles within the annuity contract, such as the owner who holds the rights or the beneficiary who receives benefits upon death. However, it is the annuitant's life that fundamentally underpins the value and structure of the annuity.