What is the only restriction on naming an annuitant?

The only restriction on naming an annuitant is that the annuitant must be a natural person. This means that the individual designated to receive the benefits of the annuity must be a human being rather than an organization, corporation, or any other legal entity. In the context of annuities, it is essential that the annuitant is a natural person because annuities are intended to provide income for individuals, particularly during retirement.

The other options, while they may present important considerations in the overall context of insurance policies and annuities, do not accurately capture the specific requirements for naming an annuitant. For instance, the idea that an annuitant must be the policyholder is not accurate, as one individual can be the policyholder while another can serve as the annuitant without direct ownership of the contract. Similarly, there is no stipulation that the annuitant must reside in the state of issue, nor is a legal entity applicable as an annuitant. Overall, the requirement for a natural person emphasizes the personal nature of annuity benefits.