An annuitant is an individual who purchases an annuity and receives scheduled payments from the annuity contract.
Applying "Annuitant" to Securities Exams:
An investor who purchases an annuity from an insurance company is known as the annuitant. Once the individual annuitizes the contract the annuitant will exchange their accumulation units for annuity units and will begin to receive scheduled payments. The annuity creates a contractual obligation between the insurance company and the annuitant.