New Jersey Statutes 17:49-5. Construction of terms
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Terms Used In New Jersey Statutes 17:49-5
- 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.
Construction of terms, for the purposes of this act,
a. the business of insurance shall include the issuance of all kinds of endowment policies and annuity contracts;
b. the legal effect of an undertaking to pay the equivalent of money, or to do some act of value, except the furnishing of services, upon the happening of a certain or contingent event, shall be the same as an undertaking on the part of an insurer to pay a certain or an ascertainable sum of money.
L.1939, c. 188, p. 545, s. 5.