N.J.S.A 17B:17-5. Annuity defined

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. Life insurance defined, or health insurance as set forth in section 17B:17-4. Health insurance defined, 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. Health insurance defined 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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