New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 4 - ACTUARIAL SERVICES
Subchapter 8 - CHARITABLE ANNUITIES
Section 11:4-8.2 - Definitions

Universal Citation: NJ Admin Code 11:4-8.2
Current through Register Vol. 56, No. 6, March 18, 2024

The following words and terms, when used in this subchapter, shall have the following meanings unless the context clearly indicates otherwise:

"Commissioner" means the Commissioner of the Department of Banking and Insurance.

"Deferred annuity" means an annuity where the first annuity payment is due no earlier than one year from the issue date of the contract, and the annuity is not an immediate annuity.

"Immediate annuity" means an annuity where the first annuity payment is due not more than 13 months from the issue date of the contract.

"Reserves" means the liability established to assure that future annuity benefits can be paid.

"Surplus" means the excess of admitted assets over liabilities.

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