17:49-5.  Construction of terms
Construction of terms, for the purposes of this act,

a.  the business of insurance shall include the issuance of all kinds of endowment policies and annuity contracts;

b.  the legal effect of an undertaking to pay the equivalent of money, or to  do some act of value, except the furnishing of services, upon the happening of  a certain or contingent event, shall be the same as an undertaking on the part  of an insurer to pay a certain or an ascertainable sum of money.

L.1939, c. 188, p. 545, s. 5.