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Annuitant is the original policy holder and receiver of benefits while beneficiary is the one legally authorized receiver of benefits in case of death of the annuitant.

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βˆ™ 2012-02-18 06:31:57
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Q: What is the difference between an annuitant and beneficary?
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What is the difference between an annuitant and a beneficiary?

An annuitant is a person who receives regular sums of money that was earned by them. A beneficiary is a person who receives regular sums of money from someone else who has past away and selected them to receive the funds.


Can you name a beneficiary for an annuity in state of Louisiana?

An annuity will have the following: Owner, Annuitant , Beneficary. Yes the owner of an annuity may name a beneficiary for an annuity, even in the state of louisiana. (I am a native of Louisiana and can confirm that our laws are different). In most situations, the annuitant and the owner are the same. If the annuitant is not the owner, he or she may not have said power of naming the beneficiary.I am a Louisiana Insurance Agent and have handled many annuities in the State of Louisiana.Thanks


What is an annuitant?

An annuitant is the recipient of an annuity.


What is annuitization?

An annuitant is the recipient of an annuity.


After death Is a beneficary entitled to see a copy of an irrevocable trust after death?

After death is a beneficary entitled to see a copy of a testamentary trust?


Can a power of attorney change a beneficary on a life insurance policy in nyc?

Can a power of attorney change a person beneficary on their life insurance policy?


What are the three modes of settlement?

period of time after the annuitant's death


What type of life income option annuity guarantees periodic payments that terminate upon the annuitant's death?

The LIFE payout options available from an annuity or life insurance policy are of two types: (A) Life Only and (B) Life with Refund (A) Life Only - the contract guarantees an income (at least annually) for the life of the "annuitant" (the person whose age and sex determines the amount payable). At the annuitant's death, the contract ceases, without value. (B) Life with Refund - Like Life Only, this option will pay an income for the life of the annuitant. If the annuitant dies before the expiry of a specified period, such as 10 years (this is known as a "life and 10 Year Certain" payout) or before the annuitant has received a specified total amount (this is called "life and Cash Refund"), the remaining "refund" amount will be paid to the beneficiary. In the case of "Period Certain" options, the beneficiary will receive the remaining payments (e.g.: if annuitant died having elected a Life and 10 Year Certain and died after five years, the beneficiary will receive payments for the next five years. In a Cash Refund payout, the beneficiary will receive the lump sum difference between the specified lump sum and the cumulative value of income payments paid to the annuitant. It should be noted that NO annuity payout arrangement can EVER guarantee ANY amount to the beneficiary, as all such arrangements will terminate without value if the annuitant lives past the "refund feature" guarantee. LIFE payout are not the only way that annuities can provide income. A non-life payout, called "Period Certain", guarantees payment of income for a specified period of time (e.g.: 20 years), whether the annuitant is living or not. If the annuitant outlives the Period Certain, no further payments are made.


If any company pays annuitant for a number of years Can they write you and cancel?

no


Can a beneficary take money before persons death?

short answer ~ No


What happens if the primary beneficary is ill?

If they are living then they would inherit.


Who gets benefits if ex named you as common law wife but are longer together but still is named as beneficary?

AnswerIf you're named as beneficary - then you get the $$$. That's why it's important to review & update your coverage, at least annually.

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