New Jersey Statutes 17B:25-20.1. Supersedure of standard nonforfeiture law, certain
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Terms Used In New Jersey Statutes 17B:25-20.1
- 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.
13. Effective on the second anniversary of the effective date of the “Indexed Standard Nonforfeiture Law for Individual Deferred Annuities,” P.L.2005, c.194 (C. 17B:25-21 et al.), the standard nonforfeiture law for individual deferred annuities as provided in section 5 of P.L.1981, c.285 (C. 17B:25-20) shall continue to govern a contract of annuity issued pursuant thereto, but shall not apply to, and shall be superseded with respect to, a contract of annuity subject to the provisions of the “Indexed Standard Nonforfeiture Law for Individual Deferred Annuities,” P.L.2005, c.194 (C. 17B:25-21 et al.) as provided therein.
L.2005,c.194,s.13.