Sec. 10. (a) Before the operative date of the valuation manual specified in section 34 of this chapter, as used in this chapter, “life insurance” means
insurance under a
contract that incorporates mortality risk, including
annuity and pure endowment contracts.
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Terms Used In Indiana Code 27-1-12.8-10
- 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.
- contract: means a contract or a policy. See Indiana Code 27-1-12.8-6
- Insurance: means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upon the destruction, loss or injury of something in which the other party has a pecuniary interest, or in consideration of a price paid, adequate to the risk, becomes security to the other against loss by certain specified risks; to grant indemnity or security against loss for a consideration. See Indiana Code 27-1-2-3
As added by P.L.276-2013, SEC.10.
