Terms Used In New Jersey Statutes 17B:28-1

  • 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.
  • 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.
When used in this chapter, the following terms shall have the following respective meanings: a. “Separate account contract” means any contract issued by an insurer under which amount (including without limitation proceeds applied under optional modes of settlement or under dividend options) are allocated by the insurer to one or more separate accounts; b. “Separate account” means any segregated portfolio of investments or designated account of an insurer established pursuant to this chapter; c. “Contract on a variable basis” means any separate account contract providing for the dollar amount of life insurance or annuity benefits or other contractual payments or values thereunder to vary so as to reflect investment results of one or more separate accounts in which amounts with respect to any such contracts shall have been placed; and d. “Variable contract account” means any such separate account.

L.1971, c. 144, s. 17B:28-1 Amended by L.1977, c. 37, s. 1, eff. March 10, 1977.

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