Massachusetts General Laws ch. 255C sec. 22 – Scope and application of chapter
Section 22. This chapter shall not affect the inclusion of a charge for insurance on a bona fide sale of property, goods or services on instalments, nor shall it apply to insurance premiums financed at not more than six dollars per one hundred dollars per annum including all fees and charges of every name, nature and description. Nothing contained in this chapter or in chapter one hundred and seventy-five shall prohibit the addition by an insurance agent or broker not licensed as a premium finance agent of a late charge for late payment of a premium so long as any such charge does not exceed one and one-half per cent of the unpaid balance per month; provided, however, that such late charge shall not be imposed in the event payment is received within forty-five days from the effective date of the policy. Such insurance agent or broker may impose such a charge only if his bills, statements or invoices issued to a policyholder state that such a charge will be made in the event of late payment.
Terms Used In Massachusetts General Laws ch. 255C sec. 22
- 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.
This chapter shall not apply to policies of life, endowment and retirement income insurance or annuity contracts and contracts supplementary thereto.