Florida Regulations > Chapter 69O-164 – Valuation and Nonforfeiture
Current as of: 2024 | Check for updates
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Other versions
| R. 69O-164.010 | Universal Life Valuation and Nonforfeiture |
| R. 69O-164.020 | Valuation of Life Insurance Policies |
| R. 69O-164.040 | Determining Reserve Liabilities for Preneed Life Insurance |
Terms Used In Florida Regulations > Chapter 69O-164 - Valuation and Nonforfeiture
- 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.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.