Section 158. No policy of insurance and no annuity or pure endowment contract issued to a resident of the commonwealth by an authorized company organized under the laws of a foreign country shall be invalidated by war between such foreign country and the United States.

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Terms Used In Massachusetts General Laws ch. 175 sec. 158

  • 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.