Indiana Code 27-1-12.6-2. Calculation of paid-up nonforfeiture benefits
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Terms Used In Indiana Code 27-1-12.6-2
- 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.
Sec. 2. Each annuity contract shall contain a brief and general statement of the method to be used in calculating the paid-up nonforfeiture benefits available under the contract.
As added by Acts 1977, P.L.286, SEC.2.