Massachusetts General Laws ch. 175 sec. 129 – Plain description upon face of policy of life or endowment insurance or annuity required
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Section 129. No life company and no officer or agent thereof shall issue a policy of life or endowment insurance or an annuity or pure endowment policy to a resident of the commonwealth not bearing in bold letters upon its face a plain description of the policy, so fully defining its character, including dividend periods and other peculiarities, that the holder thereof shall not be likely to mistake the nature or scope of the contract.
Terms Used In Massachusetts General Laws ch. 175 sec. 129
- 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.