What designation refers to the person receiving annuity assets if the annuitant passes away during the accumulation period?

The designation that refers to the person receiving annuity assets if the annuitant passes away during the accumulation period is the annuity beneficiary. This term is specifically used to identify individuals or entities that are designated to receive benefits from an insurance or annuity contract upon the death of the annuitant. In the context of annuities, the beneficiary serves a critical role, as they will receive any remaining account values or benefits that are due in the event of the annuitant's death before the annuity enters the payout phase.

Understanding the roles in an annuity contract is essential: the annuitant is the person whose life the annuity is based on, while the owner of the annuity may or may not be the same person. The policyholder typically refers to the individual or entity that owns an insurance policy, which overlaps somewhat with the annuity owner but does not directly pertain to the distribution of benefits. Knowing the specific roles and titles associated with annuities helps in clarifying how benefits are handled in various scenarios, such as death during the accumulation phase.