New Hampshire Revised Statutes 408-B:2 – Purpose
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I. The purpose of this chapter is to protect, subject to certain limitations, the persons specified in N.H. Rev. Stat. § 408-B:5, I against failure in the performance of contractual obligations, under life and health insurance policies and annuity contracts specified in N.H. Rev. Stat. § 408-B:5, II, because of the impairment or insolvency of the member insurer that issued the policies or contracts.
II. To provide this protection, an association of insurers is created to pay benefits and to continue coverages as limited herein, and members of the association are subject to assessment to provide funds to carry out the purpose of this chapter.
II. To provide this protection, an association of insurers is created to pay benefits and to continue coverages as limited herein, and members of the association are subject to assessment to provide funds to carry out the purpose of this chapter.
Terms Used In New Hampshire Revised Statutes 408-B:2
- 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.