§ 56-3-501 Separate accounts – Allocation
§ 56-3-502 Investment of amounts allocated to separate accounts
§ 56-3-503 Gains and losses credited to or charged against allocation
§ 56-3-504 Valuation of assets allocated to separate account
§ 56-3-505 Amounts allocated to be company owned
§ 56-3-506 Agreements providing for annuity benefits on a variable basis – Statements required
§ 56-3-507 Authorization for delivery of agreements providing benefits on a variable basis – Determination of qualification
§ 56-3-508 Regulation of agreements – Rulemaking power – Licensing
§ 56-3-509 Separate accounts – Insurance laws applicable – Required provisions of variable life agreements
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Terms Used In Tennessee Code > Title 56 > Chapter 3 > Part 5 - Separate Accounts and Allocations

  • 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.
  • Commissioner: means the commissioner of commerce and insurance. See Tennessee Code 56-1-102
  • Contract: A legal written agreement that becomes binding when signed.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105