Terms Used In Indiana Code 27-2-23-4

• 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.
• annuity: refers to an annuity contract issued in Indiana after June 30, 2015. See Indiana Code 27-2-23-4
• Contract: A legal written agreement that becomes binding when signed.