Skip to content
Georgia Commons
Menu

Official Code of Georgia Annotated

Title 33. INSURANCE · Chapter 28. ANNUITY AND PURE ENDOWMENT CONTRACTS

33-28-1. Definitions.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

  1. As used in this chapter, the term:

  2. (1)

    ‘‘Annuity’’ means a contract by which one party in return for a stipulated payment or payments promises to pay periodic installments for a stated certain period of time or for the life or lives of the person or persons specified in the contract. The term does not cover the proceeds of life insurance no matter how payable.#

  3. (2)

    ‘‘Pure endowment’’ means a contract under which one party in return for stipulated payment is obligated to pay a fixed sum if and only if the person designated in the contract survives a certain period specified in the contract.#

  4. (3)

    ‘‘Reversionary annuity’’ means an annuity contract under which the person otherwise entitled to the proceeds is not to receive any payments unless that person survives another person or persons specified in the contract.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Code 1933, § 56-2601, enacted by Ga. L. 1960, p. 289, § 1.

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t33-ch23-65-(v25)-2020-pdf.pdf, Volume V25, 2020 edition, pages 489 to 490; merge action: carried; file SHA-256 1cdfeaa4b73e.