Indiana Code 32-17.5-2-1. “Beneficiary designation”
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Sec. 1. “Beneficiary designation” means an instrument, other than an instrument creating a trust, naming the beneficiary of:
(2) an account with a designation for payment on death;
(1) an annuity or insurance policy;
Terms Used In Indiana Code 32-17.5-2-1
- 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.
- 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
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(3) a security registered in beneficiary form;
(4) a pension, profit sharing, retirement, or other employment related benefit plan; or
(5) any other nonprobate transfer at death, except for property held as joint tenants with rights of survivorship or as tenants by the entireties.
As added by P.L.5-2003, SEC.1.