Maryland Code, INSURANCE 16-501
Terms Used In Maryland Code, INSURANCE 16-501
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.
- including: means includes or including by way of illustration and not by way of limitation. See
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(1) reinsurance;
(2) a group annuity purchased under a retirement plan or deferred compensation plan established or maintained by an employer, including a partnership or sole proprietorship, or employee organization, or by both, other than a plan that provides individual retirement accounts or individual retirement annuities under § 408 of the Internal Revenue Code;
(3) a premium deposit fund;
(4) a variable annuity;
(5) an investment annuity;
(6) an immediate annuity;
(7) a deferred annuity contract after annuity payments have begun;
(8) a reversionary annuity; or
(9) an annuity contract that is delivered outside the State through an insurance producer or other representative of the insurer issuing the contract.