90. In New York, who has the right to the nonforfeiture values in an annuity?
Answer: B
The policyowner has the right to the nonforfeiture values in an annuity.
The policyowner is the individual who holds the annuity contract and has the legal right to access its nonforfeiture values, which are the benefits that can be obtained if the policy is surrendered or if payments are discontinued.
A) Beneficiary
The beneficiary is the person designated to receive the benefits upon the death of the policyowner. While beneficiaries may receive benefits from the annuity, they do not have rights to the nonforfeiture values while the policyowner is still alive.
B) Policyowner
The policyowner is the correct answer because they retain the rights to the nonforfeiture values in an annuity. This includes rights to surrender values and other benefits that accrue from the policy, reflecting their investment and ownership of the contract.
C) Insurer
The insurer is the company that issues the annuity contract and manages the funds. While the insurer administers the contract and pays out benefits, they do not have rights to the nonforfeiture values; those rights belong strictly to the policyowner.
D) Employer
An employer may be involved in providing an annuity as part of an employee benefits package, but the employer does not have rights to the nonforfeiture values unless they are also the policyowner. Typically, employees are the policyowners of their own annuity contracts.
Conclusion
In summary, the policyowner is definitively the party entitled to the nonforfeiture values in an annuity, as they have the ownership rights that enable access to these benefits. All other options fail to qualify because they either lack ownership or are not entitled to the associated rights under the contract.