No group annuity contract shall be delivered or issued for delivery in this state and no certificate shall be used in connection therewith unless it contains in substance the provisions set forth in sections 20-1271 to 20-1275, inclusive, to the extent that such provisions are applicable to the contract or to the certificate, as the case may be, or provisions which in the opinion of the director are more favorable to annuitants, or not less favorable to annuitants and more favorable to the holders.

Terms Used In Arizona Laws 20-1270

  • 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.
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