Terms Used In Indiana Code > Title 27 > Article 2 > Chapter 22 - Retained Asset Accounts

• 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.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• commissioner: refers to the insurance commissioner appointed under IC 27-1-1-2. See Indiana Code 27-2-22-2
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• insured: means the individual whose life is the subject of insurance under a policy. See Indiana Code 27-2-22-3
• insurer: means an insurance company that issues a policy. See Indiana Code 27-2-22-4
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• policy: means a policy or certificate that provides the kind of insurance described in Class 1 of IC 27-1-5-1. See Indiana Code 27-2-22-5
• retained asset account: means a mechanism through which the settlement of proceeds payable under a policy occurs by the insurer's deposit of the proceeds into a checking or draft account:

  Indiana Code 27-2-22-6

• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.