Section 189. A company or any officer or agent thereof who makes, issues or delivers a policy of insurance or an annuity or pure endowment contract in violation of this chapter shall, except as otherwise provided, forfeit not less than fifty nor more than five hundred dollars.

Terms Used In Massachusetts General Laws ch. 175 sec. 189

  • 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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