2017 New Jersey Revised Statutes
TITLE 17B - INSURANCE
Section 17B:17-5 - Annuity defined

Universal Citation: NJ Rev Stat § 17B:17-5 (2017)

17B:17-5. Annuity defined

"Annuity" is a contract not coming within the definition of life insurance as set forth in section 17B:17-3, or health insurance as set forth in section 17B:17-4, under which an insurer obligates itself to make periodic payments for a specified period of time, such as for a number of years, or until the happening of an event, or for life, or for a period of time determined by any combination thereof. Such a contract which includes extra benefits of the kinds set forth in sections 17B:17-3 or 17B:17-4 shall nevertheless be deemed to be an annuity if such extra benefits constitute a subsidiary or incidental part of the entire contract.

L.1971, c. 144, s. 17B:17-5.

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