Tennessee Code 49-5-908 – Insufficiency of fund to pay annuities
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Terms Used In Tennessee Code 49-5-908
- 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.
In case the fund is insufficient to pay the annuity provided for in this part, there shall be a ratable distribution among such beneficiaries who may be entitled to the annuity, and there shall be no claim for any deficiency.