40 An annuity contract owner maintains all rights to the annuity contract, including all of the following EXCEPT:

An annuity contract owner typically retains a variety of rights related to the management and benefits of the contract. These rights generally include: 1. **Choosing Payment Options:** The owner can decide how and when they receive payments from the annuity. 2. **Designating Beneficiaries:** The owner can name beneficiaries who will receive benefits upon their death. 3. **Assigning the Contract:** The owner can transfer ownership of the annuity to another party under certain conditions. **However, the owner does not have the right to alter the fundamental terms of the annuity contract itself.** This means they cannot unilaterally change the contract's conditions, such as modifying the payout structure, changing the interest rate, or altering any guaranteed benefits that were established when the contract was first signed. Any significant changes typically require mutual agreement between the owner and the insurance company issuing the annuity. **Answer:** They do not have the right to alter the contract’s terms. All other ownership rights are retained except modifying contract terms.