Terms Used In Oregon Statutes > Chapter 748 > Financial Provisions

• 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.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Benefit member: means an adult member who is designated by the laws or rules of the society to be a benefit member under a benefit contract. See Oregon Statutes 748.103
• Contract: A legal written agreement that becomes binding when signed.
• Laws: means the society's articles of incorporation, constitution and bylaws, however designated. See Oregon Statutes 748.103
• Society: means fraternal benefit society, unless otherwise indicated. See Oregon Statutes 748.103