Indiana Code 27-1-12.5-9. Allowance for lapse of time and payment of scheduled considerations
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Indiana Code 27-1-12.5-9
- 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.
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
Sec. 9. Under any annuity contract with fixed scheduled considerations, any paid-up annuity, cash surrender or death benefits available at any time, other than on the contract anniversary, shall be calculated with allowance for the lapse of time and the payment of any scheduled considerations beyond the beginning of the contract year in which cessation of payment of considerations under the contract occurs.
As added by Acts 1977, P.L.286, SEC.1.