KRS 304.5-030: "Annuity" defined.

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 some

of such payments, the amount of any such payment is dependent upon the continua nce of

human life, except payments made pursuant to optional modes of settlement under KRS

304.5-020. Such a contract which includes extra benefits of the kinds set forth in KRS

304.5-020 and 304.5 -040 shall nevertheless be deemed to be an annuity if such extra

benefits constitute a subsidiary or incidental part of the entire contract.