Washington Code 48.38.030 – Charitable annuity contract or policy form — Contents
Current as of: 2023 | Check for updates
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Each charitable annuity contract or policy form must include the following information:
Terms Used In Washington Code 48.38.030
- 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.
- person: may be construed to include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080
(1) The value of the property to be transferred;
(2) The amount of the annuity to be paid to the transferor or the transferor’s nominee;
(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 created. This value may not exceed by more than fifteen percent the net single premium for the benefits, determined according to the standard of valuation set forth in RCW 48.38.020(3).
NOTES:
Severability—1979 c 130: See note following RCW 28B.10.485.