Rhode Island General Laws 27-4.9-3. Definitions
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As used in this section:
(1) “Policy” means any policy or certificate of life insurance that provides a death benefit.
(2) “Retained asset account” means any mechanism whereby the settlement of proceeds payable under a life insurance policy, including, but not limited to, the payment of cash surrender value, is accomplished by the insurer or an entity acting on behalf of the insurer depositing the proceeds into an account, where those proceeds are retained by the insurer, pursuant to a supplementary contract not involving annuity benefits.
History of Section.
P.L. 2011, ch. 339, § 1; P.L. 2011, ch. 370, § 1.
Terms Used In Rhode Island General Laws 27-4.9-3
- 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.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.