Illinois Compiled Statutes 40 ILCS 5/5-151 – Child’s annuity
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Terms Used In Illinois Compiled Statutes 40 ILCS 5/5-151
- 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.
- Month: means a calendar month, and the word "year" a calendar year unless otherwise expressed; and the word "year" alone, is equivalent to the expression "year of our Lord. See Illinois Compiled Statutes 5 ILCS 70/1.10
A child’s annuity shall be provided for unmarried natural or adopted children of policemen, payable monthly, from the date of the policeman parent’s death until the child’s attainment of age 18 except as limited by the provisions of Section 5-152. The first payment shall be payable one month after the date upon which the annuity accrues.