Annuity/Loan estate question

My mother had an annuity which I am the named beneficiary of in the annuity document. In that agreement it says " less any amounts received by her estate from the corporation"

In another agreement from the same company the annuity is from my mother was given a loan of extra money that says "this loan is totally separate from the annuity and will be paid back to the company out of my mothers estate upon the death of xxxxxxx and xxxxxxxx (two people who are still alive.)

The way I understand this is that
#1. the annuity is not part of my mother's estate since I am named in the annuity contract as the beneficiary and therefore I am not responsible for the loan. My mother's estate is.
#2. The loan is separate from the annuity and cannot be attached to the annuity for repayment.
The company however wants their money from the loan and is saying that I am wrong. They are aware that my mothers estate has no money in it so I believe they are trying to go after the annuity.

Am I wrong in how I am interpreting this?

Thanks for any help.What is the name of your state (only U.S. law)?

You used the words "in that agreement". We don't see the language of the entire agreement so we can not interpret the meaning in context.

Normally, annuities that have designated beneficiaries are paid outside of and independently of the estate, so normally the money is yours. File the claim to get paid now.

You need to take the paperwork to a business law attorney to get a proper interpretation. It looks like your interpretation is correct and the company seeking the loan is out of luck since the estate has no money.