Illinois Compiled Statutes 40 ILCS 5/15-122 – Reversionary annuity
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Terms Used In Illinois Compiled Statutes 40 ILCS 5/15-122
- 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.
- 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
“Reversionary annuity”: The annuity payable to a beneficiary after the death of the annuitant as specified in Section 15-140.