Washington Code 48.23.220 – Standard provisions — Reversionary annuities
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No contract for a reversionary annuity shall be delivered or issued for delivery in this state unless it contains in substance each of the provisions specified in RCW 48.23.230 and 48.23.240. Any of such provisions not applicable to single premium annuities shall not, to that extent, be incorporated therein.
Terms Used In Washington Code 48.23.220
- 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.
- Contract: A legal written agreement that becomes binding when signed.
This section shall not apply to group annuities or to annuities included in life insurance policies.
[1947 c 79 § .23.22; Rem. Supp. 1947 § 45.23.22.]