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.
(1) the names of the parties of the contract;(2) the subject of the insurance;(3) the risks insured against;(4) the time when the insurance thereunder takes effect and the period during which the insurance is to continue;(5) the premium;(6) the conditions pertaining to the insurance.(b) If under the policy the exact amount of premium is determinable only at stated intervals or termination of the contract, a statement of the basis and rates upon which the premium is to be determined and paid shall be included.(c) Subsections (a) and (b) of this section do not apply to surety contracts, or to group insurance policies.(d) Each policy and annuity contract issued by an insurer, and the forms thereof filed with the director, must have printed on them an appropriate designating letter or figure, or combination of letters or figures, or terms identifying the respective forms of policies or contracts . When a change is made in the form, the designating letters, figures, or terms must be correspondingly changed.
