New Hampshire Revised Statutes 101-B:7 – Financial Liability of State, Etc
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Terms Used In New Hampshire Revised Statutes 101-B:7
- 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.
- state: when applied to different parts of the United States, may extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall include said district and territories. See New Hampshire Revised Statutes 21:4
The financial liability of the state, county, city, town or other political subdivision under a deferred compensation program shall be limited to the value of the particular fixed or variable life insurance or annuity contract or contracts purchased on behalf of any employee.