State Insurance Licensing Exam (ExamFX Prep)

The annuitant funds the contract, the owner's life expectancy determines payments, and the beneficiary receives payments while the annuitant is alive. The owner is the insurer, the annuitant receives the death benefit, and the beneficiary determines the payment amounts. The beneficiary funds the contract, the owner's life determines payments, and the annuitant receives the death benefit. The owner purchases and controls the contract, the annuitant's life expectancy is used to calculate payments, and the beneficiary receives any death benefit.