Tennessee Code 56-52-102 – Chapter definitions
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Terms Used In Tennessee Code 56-52-102
- 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 a contract or agreement, both with and without a life or mortality element, to make periodic payments, whether in fixed or variable dollar amounts, or both, at specified intervals. See Tennessee Code 56-52-102
- Charitable gift annuity: means a transfer of cash, securities, annuities or other property by a donor to a charitable organization in return for an annuity issued by a charitable organization. See Tennessee Code 56-52-102
- Charitable organization: means an entity described by:
(A) Section 501(c)(3) of the Internal Revenue Code of 1986 ( Tennessee Code 56-52-102 - Code: includes the Tennessee Code and all amendments and revisions to the code and all additions and supplements to the code. See Tennessee Code 1-3-105
- Commissioner: means the commissioner of commerce and insurance. See Tennessee Code 56-52-102
- Contract: A legal written agreement that becomes binding when signed.
- Donor: The person who makes a gift.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: means any association, aggregate of individuals, business, company, corporation, individual, joint-stock company, Lloyds-type organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Tennessee Code 56-16-102
- Property: includes both personal and real property. See Tennessee Code 1-3-105
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.