In an annuity, who receives the remaining payments if the life insured dies before the insurer has made all scheduled payments?

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Multiple Choice

In an annuity, who receives the remaining payments if the life insured dies before the insurer has made all scheduled payments?

Explanation:
In an annuity, the contract specifies who is entitled to receive any payments that remain if the life insured dies before all scheduled payments have been made. That person is called the annuity grantee. The annuity grantee is the designated recipient of the unpaid installments, not the insurer, and not necessarily the annuitant or a beneficiary of a life policy. The idea is to ensure the remaining guaranteed payments are paid to someone named in the contract.

In an annuity, the contract specifies who is entitled to receive any payments that remain if the life insured dies before all scheduled payments have been made. That person is called the annuity grantee. The annuity grantee is the designated recipient of the unpaid installments, not the insurer, and not necessarily the annuitant or a beneficiary of a life policy. The idea is to ensure the remaining guaranteed payments are paid to someone named in the contract.

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