Massachusetts General Laws ch. 175 sec. 170 – Agent or broker; procurement of payment of premium by fraud; penalty
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Section 170. An insurance agent or broker who knowingly procures by fraudulent representations payment or the obligation for the payment of any premium on any policy of insurance or any annuity or pure endowment contract shall be punished by a fine of not less than one hundred nor more than one thousand dollars or by imprisonment for not more than one year.
Terms Used In Massachusetts General Laws ch. 175 sec. 170
- 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.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.