N.Y. Insurance Law 7502 – Definitions
Current as of: 2024 | Check for updates
|
Other versions
§ 7502. Definitions. In this article:
Terms Used In N.Y. Insurance Law 7502
- 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.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(a) "Board" means the board of directors of The Life Insurance Guaranty Corporation.
(b) "Assessment" means a payment made by a company into the guaranty fund.
(c) "Contributor" means a company paying an assessment.
(d) "Corporation" means "The Life Insurance Guaranty Corporation."
(e) "Fund" means the guaranty fund provided by this article.
(f) "Member company" means any domestic life insurance company having a representative serving as a director upon the board of directors of the corporation.
(g) "Policies" means insurance policies; "contracts" means annuity contracts; both terms include policies or contracts of reinsurance issued by a member company.