Who typically cannot be the annuitant of an annuity?

In the context of annuities, the annuitant is the individual upon whose life the annuity payments are based. Typically, annuities are designed around human life, as they involve the timing and distribution of payments that are closely tied to an individual's lifespan.

The correct answer states that an organization or entity cannot be the annuitant. This is because annuities are fundamentally linked to a person's life, with payments determined by life expectancy and mortality factors. While organizations can own annuities and may be the contract holder, they lack the physical, biological attributes necessary to serve as the annuitant.

Natural persons, individuals designated in the contract, and the owner of the annuity are all acceptable as annuitants, as they represent individuals who would be subject to life-related metrics that govern the annuity's performance and payout structure. Therefore, choosing an organization or entity as the annuitant would not align with the primary function and purpose of an annuity.