{"data":{"id":"us-me/24-a-m.r.s.-703","jurisdiction":"us-me","citation":"24-A M.R.S. §703","heading":"\"Annuity\" defined","body":"For the purposes of this Title, 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 of some of the payments, or the amount of a payment, is dependent upon the continuance of human life, except payments made pursuant to optional modes of settlement under the authority of section 702.  A contract that includes extra benefits of the kinds defined in sections 702 and 704 is deemed to be an annuity, if the extra benefits constitute a subsidiary or incidental part of the entire contract.  A charitable gift annuity agreement, as defined in section 703‑A, is not insurance.","path":["TITLE 24-A: MAINE INSURANCE CODE","CHAPTER 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE","SUBCHAPTER 1: KINDS OF INSURANCE"],"source_url":"https://legislature.maine.gov/statutes/24-A/title24-Asec703.html","current_through":"October 1, 2025","vintage":"","retrieved_at":"2026-09-04T15:12:33Z","sha256":"4923d5e6050febe38972d6dc4067a68993d95bcc7c1ce4e06a8a2866f72fd02e","source_id":"us-me","stale":false,"prev":"us-me/24-a-m.r.s.-702","next":"us-me/24-a-m.r.s.-703-a"},"notice":"GroundRules: Original legal text. Not legal advice."}