Illinois Compiled Statutes 40 ILCS 5/2-111 – Annuity
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Terms Used In Illinois Compiled Statutes 40 ILCS 5/2-111
- Month: means a calendar month, and the word "year" a calendar year unless otherwise expressed; and the word "year" alone, is equivalent to the expression "year of our Lord. See Illinois Compiled Statutes 5 ILCS 70/1.10
“Annuity”: A series of monthly payments payable at the end of each calendar month during the life of an annuitant. The first payment shall be prorated for a fraction of a month to the end of the first month. The last payment shall be made for the whole calendar month in which death occurs.