If there is no named beneficiary for the annuity benefits, to which entity will the benefits be paid?

When there is no named beneficiary for an annuity, the benefits are typically paid to the estate of the annuitant. This means that upon the annuitant's death, the proceeds will become part of the overall assets of the estate, which will then be distributed according to the terms of the will or, in the absence of a will, according to state law regarding intestate succession. This is a standard practice in estate law, ensuring that benefits are allocated appropriately when no direct beneficiary has been designated.

In contrast, an insurer's reserve fund, a government agency, or a state fund do not receive these benefits under such circumstances. The reserve fund is intended to cover the insurer's liabilities and obligations rather than receive benefits in the case of a deceased annuitant. Similarly, benefits typically wouldn't go directly to a government agency or state fund unless there are specific legal reasons to do so, which generally do not apply when a named beneficiary is absent.