Maryland Code, INSURANCE 12-209
Terms Used In Maryland Code, INSURANCE 12-209
- 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.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(1) states that the policy or contract is to be construed according to the laws of another state or country;
(2) states that the rights and obligations of the insured or of a person with a claim under the policy or contract are to be governed by laws other than the laws of this State;
(3) provides a period shorter than 3 years within which an action may be brought on the policy or contract;
(4) deprives the courts of the State of the jurisdiction of any action against the insurer;
(5) provides that the insurance producer who solicits the insurance or annuity is the agent of the insured; or
(6) makes the acts or representations of the insurance producer who solicits the insurance or annuity binding on the insured.