Terms Used In Rhode Island General Laws > Chapter 27-80 - Unclaimed Life Insurance Benefits Act

• 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.
• 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}
• Contract: A legal written agreement that becomes binding when signed.
• Contract: means an annuity contract. See Rhode Island General Laws 27-80-3
• Death master file: means the United States Social Security Administration's death master file or any other database or service that is at least as comprehensive as the United States Social Security Administration's death master file for determining that a person has reportedly died. See Rhode Island General Laws 27-80-3
• Death master file match: means a search of the death master file that results in a match of the Social Security number or the name and date of birth of an insured, annuity owner, or retained asset account holder. See Rhode Island General Laws 27-80-3
• Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. ^{Source: OCC}
• person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
• Policy: means any policy or certificate of life insurance that provides a death benefit. See Rhode Island General Laws 27-80-3
• United States: include the several states and the territories of the United States. See Rhode Island General Laws 43-3-8