Ala. Code § 27-5-3 (1975) "Annuity" Defined

LibraryAlabama Statutes
Edition2023
CurrencyCurrent with legislation from the 2023 Regular and Special Sessions.

For the purpose of this title, an "annuity" is a contract under which obligations are assumed with respect to periodic payments for a specific term, or terms, or where the making or continuance of all or of some of such payments or the amount of any such payment is dependent upon the continuance of human life, except payments made pursuant to optional modes of settlement under the authority of Section <codecitation statecd="AL" sessionyear="2023" datatype="S" title="27" catchline=""Life insurance" defined">27-5-2</codecitation>. Such a contract, which includes extra benefits of the kinds set forth in Sections <codecitation ...

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