Kentucky Statutes 304.5-030 – “Annuity” defined
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An “annuity” is a contract under which obligations are assumed with respect to periodic payments for a specific term or terms, or where the making or continuance of all or some of such payments, the amount of any such payment is dependent upon the continuance of human life, except payments made pursuant to optional modes of settlement under KRS
304.5-020. Such a contract which includes extra benefits of the kinds set forth in KRS
304.5-020 and 304.5-040 shall nevertheless be deemed to be an annuity if such extra benefits constitute a subsidiary or incidental part of the entire contract.
Effective: June 18, 1970
History: Created 1970 Ky. Acts ch. 301, subtit. 5, sec. 3, effective June 18, 1970.
304.5-020. Such a contract which includes extra benefits of the kinds set forth in KRS
Terms Used In Kentucky Statutes 304.5-030
- 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.
- Continuance: Putting off of a hearing ot trial until a later time.
- Contract: A legal written agreement that becomes binding when signed.
- Dependent: A person dependent for support upon another.
- 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.
304.5-020 and 304.5-040 shall nevertheless be deemed to be an annuity if such extra benefits constitute a subsidiary or incidental part of the entire contract.
Effective: June 18, 1970
History: Created 1970 Ky. Acts ch. 301, subtit. 5, sec. 3, effective June 18, 1970.