Nothing in the chapter shall apply to or affect:
Terms Used In Rhode Island General Laws 27-18-19
- 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.
- insured: as used in this chapter , shall not be construed as preventing a person other than the insured with a proper insurable interest from making application for and owning a policy covering the insured or from being entitled under the policy to any indemnities, benefits, and rights provided in the policy. See Rhode Island General Laws 27-18-7.
(1) Any policy of workers’ compensation insurance or any policy of liability insurance with or without supplementary expense coverage in the policy;
(2) Any policy or contract of reinsurance; or
(3) [Deleted by P.L. 2017, ch. 196, § 4 and P.L. 2017, ch. 322, § 4].
(4) Life insurance, endowment, or annuity contracts, or contracts supplemental to those contracts, which contain only those provisions relating to accident and sickness insurance as: (i) Provide additional benefits in case of death or dismemberment or loss of sight by accident, or (ii) Operate to safeguard those contracts against lapse, or to give a special surrender value or special benefit or an annuity in the event that the insured or annuitant shall become totally and permanently disabled, as defined by the contract or supplemental contract.
(P.L. 1956, ch. 3808, § 8; G.L. 1956, § 27-18-19; P.L. 2017, ch. 196, § 4; P.L. 2017, ch. 322, § 4.)