North Dakota Code 26.1-34.1-04 – Contents of annuity contract or policy form
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Each charitable annuity contract or policy form used or issued by the corporation must include at least the following information:
Terms Used In North Dakota Code 26.1-34.1-04
- 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.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- following: when used by way of reference to a chapter or other part of a statute means the next preceding or next following chapter or other part. See North Dakota Code 1-01-49
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
- Property: includes property, real and personal. See North Dakota Code 1-01-49
1. The value of the property to be transferred; 2. The amount of the periodic annuity benefits to be paid; 3. The manner in which and the intervals at which payment is to be made; 4. The age of the person during whose life payment is to be made; and
5. The reasonable value as of the date of the agreement of the benefits thereby created.