The terms of an annuity contract govern the rights and duties of the contracting parties. The parties to an annuity contract are
(1) the insurer that issued the contract
and the person or other entity, known the contract owner who and exercises all rights and privileges of the annuity contract.
As with a life insurance policy, the insurer issues to the contract owner a written agreement that contains all of the terms and provisions of the annuity contrac