4 Guam Code Ann. § 4305
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Terms Used In 4 Guam Code Ann. § 4305
- 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.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(a) The Governor is authorized to enter into contracts with one or more insurance companies authorized to do business in Guam for home mortgage insurance for all employees or separate groups of employees of the government of Guam.
(b) All participation by employees in such contracts of home mortgage insurance shall be on a voluntary basis. The government of Guam shall also provide payroll deductions for the payment of premiums.
(c) Employees as used in this Section includes officers and retired employees and survivors of retired employees who are receiving annuity benefits.
SOURCE: § 4154 Guam Code Ann., originally added as § 4020.2 GC by P.L. 12-213;
renumbered to § 4154 Guam Code Ann. by P.L. 16-023.