17B:17-5 - Annuity defined
17B:17-5.Ā Annuity defined
"Annuity"Ā is a contract not coming within the definition of life insuranceĀ as set forth in section 17B:17-3, or health insurance as set forth in sectionĀ 17B:17-4, under which an insurer obligates itself to make periodic payments forĀ a specified period of time, such as for a number of years, or until theĀ happening of an event, or for life, or for a period of time determined by anyĀ combination thereof.Ā Such a contract which includes extra benefits of theĀ kinds set forth in sections 17B:17-3 or 17B:17-4 shall nevertheless be deemedĀ to be an annuity if such extra benefits constitute a subsidiary or incidentalĀ part of the entire contract.
L.1971, c. 144, s. 17B:17-5.
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"Annuity"Ā is a contract not coming within the definition of life insuranceĀ as set forth in section 17B:17-3, or health insurance as set forth in sectionĀ 17B:17-4, under which an insurer obligates itself to make periodic payments forĀ a specified period of time, such as for a number of years, or until theĀ happening of an event, or for life, or for a period of time determined by anyĀ combination thereof.Ā Such a contract which includes extra benefits of theĀ kinds set forth in sections 17B:17-3 or 17B:17-4 shall nevertheless be deemedĀ to be an annuity if such extra benefits constitute a subsidiary or incidentalĀ part of the entire contract.
L.1971, c. 144, s. 17B:17-5.
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