Illinois Compiled Statutes 40 ILCS 5/12-107 – Reserve
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Terms Used In Illinois Compiled Statutes 40 ILCS 5/12-107
- 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.
“Reserve”: when applied to an annuity means the present value, according to the applicable actuarial tables and rate of interest, of the payments to be made on account of such annuity.