Iowa Code 523A.605 – Allocation of growth or interest
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Terms Used In Iowa Code 523A.605
- 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
523A.605 Allocation of growth or interest.
If a purchase agreement funded by insurance proceeds under § 523A.401 or by
annuity proceeds under § 523A.402 includes nonguaranteed merchandise or services, the purchaser, beneficiary, or the beneficiary’s estate shall receive a credit for, and the benefit of, any growth in death benefits that is at least equal to the percentage of the total price under the purchase agreement that is attributable to the nonguaranteed merchandise or services.
2022 Acts, ch 1047, §6
Referred to in §523A.807
If a purchase agreement funded by insurance proceeds under § 523A.401 or by
annuity proceeds under § 523A.402 includes nonguaranteed merchandise or services, the purchaser, beneficiary, or the beneficiary’s estate shall receive a credit for, and the benefit of, any growth in death benefits that is at least equal to the percentage of the total price under the purchase agreement that is attributable to the nonguaranteed merchandise or services.
2022 Acts, ch 1047, §6
Referred to in §523A.807