Maryland Code, ESTATES AND TRUSTS 8-115
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Terms Used In Maryland Code, ESTATES AND TRUSTS 8-115
- 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.
The proceeds of a life insurance policy, annuity contract, or any money payable by a fraternal benefit society are exempt from claims in accordance with the provisions of §§ 8-431 and 16-111 of the Insurance Article.