Idaho Code 41-1943 – Standards for Policy Provisions for Annuities
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No annuity shall be delivered or issued for delivery in this state that contains:
(1) Surrender charges that persist past ten (10) years from the time of deposit; or
Terms Used In Idaho Code 41-1943
- 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.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
(2) Surrender charges that exceed ten percent (10%) in the first year and decrease one percent (1%) per year in subsequent years.