Illinois Compiled Statutes 215 ILCS 185/5 – Purpose
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Terms Used In Illinois Compiled Statutes 215 ILCS 185/5
- 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.
This Act shall require recognition of the Revised Uniform Unclaimed Property Act and require the complete and proper disclosure, transparency, and accountability relating to any method of payment for life insurance, annuity, or retained asset agreement death benefits.