Maine § 24-A §703 "Annuity" defined

Maine Statutes

§ 24-A §703 — "Annuity" defined

Maine·Title 24-A MAINE INSURANCE CODE·Ch. 9 KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE

For the purposes of this Title, an "annuity" is a contract under which obligations are assumed with respect to periodic payments for a specific term or terms or where the making or continuance of all or of some of the payments, or the amount of a payment, is dependent upon the continuance of human life, except payments made pursuant to optional modes of settlement under the authority of section 702. A contract that includes extra benefits of the kinds defined in sections 702 and 704 is deemed to be an annuity, if the extra benefits constitute a subsidiary or incidental part of the entire contract. A charitable gift annuity agreement, as defined in section 703‑A, is not insurance.

Free access — add to your briefcase to read the full text and ask questions with AI

For the purposes of this Title, an "annuity" is a contract under which obligations are assumed with respect to periodic payments for a specific term or terms or where the making or continuance of all or of some of the payments, or the amount of a payment, is dependent upon the continuance of human life, except payments made pursuant to optional modes of settlement under the authority of section 702. A contract that includes extra benefits of the kinds defined in sections 702 and 704 is deemed to be an annuity, if the extra benefits constitute a subsidiary or incidental part of the entire contract. A charitable gift annuity agreement, as defined in section 703‑A, is not insurance.

Maine § 24-A §703 ("Annuity" defined) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.