Michigan Laws 500.4161 – Copy of annuity policy
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Terms Used In Michigan Laws 500.4161
- 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.
- Annuity: means an annuity that is an insurance product under state law that is individually solicited, whether the product is classified as an individual or group annuity. See Michigan Laws 500.4151
For a consumer purchasing an individual annuity, the consumer shall be given a copy of the annuity policy within a reasonable time after the annuity is accepted and issued.