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
Contract: A legal written agreement that becomes binding when signed.
person: includes a corporation, company, partnership, firm, association, organization, business trust, or society, as well as a natural person. See Alaska Statutes 01.10.060
Statute: A law passed by a legislature.
(2) “designated beneficiary” means the eligible individual for whom a program account for qualified expenses is established under this chapter;(3) “eligible individual” means an individual who is eligible under AS 06.65.100;(4) “federal authorizing law” means 26 U.S.C. § 529A (Internal Revenue Code) and the regulations issued under that statute;(5) “financial contractor” means a person that enters into a contract with the department under this chapter to provide program accounts;(6) “member of the family” has the meaning given in the federal authorizing statute;(7) “program” means the Alaska savings program for eligible individuals established under Alaska Stat. § 06.65.010;(8) “program account” means a savings account used by the program to meet the qualified disability expenses of the designated beneficiary of the account;(9) “program account owner” means the designated beneficiary of a program account;(10) “qualified expense” means a qualified disability expense as defined by the federal authorizing law;(11) “representative” means a person who is a representative of an eligible individual under AS 06.65.110(a);(12) “savings account” means a financial account;(13) “secretary” means the United States Secretary of the Treasury.
