Who holds the title of Contract Owner in an insurance policy?

In an insurance policy, the title of Contract Owner is held by the person who purchased the annuity and is responsible for paying the premiums. This individual is often referred to as the policyholder. They have the authority to make important decisions regarding the policy, such as changing beneficiaries, adjusting coverage, or canceling the policy.

The Contract Owner is distinct from other parties involved in the insurance policy. The insurance company is the entity providing the coverage but does not own the contract itself. The beneficiary, while a crucial part of the policy, is merely the person designated to receive benefits upon certain events, such as the death of the insured. A government regulatory agency oversees the insurance industry but does not hold ownership of individual contracts. Thus, the individual who purchases the annuity and maintains the associated financial responsibilities is rightly identified as the Contract Owner.