(a) As used in this chapter, unless the context otherwise requires:

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.
(1) “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;
(2)

(A) “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;
(B) “Charitable gift annuity” does not include a charitable remainder trust or a charitable lead trust or other similar arrangement where the charitable organization does not issue an annuity and incur a financial obligation to guarantee annuity payments. “Charitable gift annuity” also does not mean any transfer of cash, securities, annuities or other property by a donor to a charitable organization in return for an annuity where a commission is paid to any person as a result of the transfer;
(3) “Charitable gift annuity separate account” means any segregated account established by a charitable organization to which the organization allocates cash, securities, annuities or other property transferred by a donor to the organization that are to be applied to the terms of a charitable gift annuity issued in connection with the transfer to fund benefits under the charitable gift annuity;
(4) “Charitable organization” means an entity described by:

(A) Section 501(c)(3) of the Internal Revenue Code of 1986 ( 26 U.S.C. § 501(c)(3) ); or
(B) Section 170(c) of the Internal Revenue Code of 1986 ( 26 U.S.C. § 170(c) ); and
(5) “Commissioner” means the commissioner of commerce and insurance.
  Previous section
Next section  
 Chapter 52 Contents