# 24-A M.R.S. § 703: 24-A §703. "Annuity" defined

> Maine · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_ME_T24-A_C9_S703

## Section

- **Citation:** 24-A M.R.S. § 703
- **Heading:** 24-A §703. "Annuity" defined
- **Jurisdiction:** Maine
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** ME Code / Title 24-A / Chapter 9 / Section 703

## Text

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. [PL 1995, c. 375, Pt. C, §2 (AMD).]

## Nearby sections

- [24-A M.R.S. § 701 24-A §701. Definitions not mutually exclusive](https://www.frixlaw.com/law-library/statutes/STATE_ME_T24-A_C9_S701.md)
- [24-A M.R.S. § 702 24-A §702. "Life insurance" defined](https://www.frixlaw.com/law-library/statutes/STATE_ME_T24-A_C9_S702.md)
- [24-A M.R.S. § 703 24-A §703. "Annuity" defined](https://www.frixlaw.com/law-library/statutes/STATE_ME_T24-A_C9_S703.md)
- [24-A M.R.S. § 703-A 24-A §703-A. Charitable gift annuity agreement](https://www.frixlaw.com/law-library/statutes/STATE_ME_T24-A_C9_S703-A.md)
- [24-A M.R.S. § 704 24-A §704. "Health insurance" defined](https://www.frixlaw.com/law-library/statutes/STATE_ME_T24-A_C9_S704.md)
- [24-A M.R.S. § 704-A 24-A §704-A. Health maintenance organization](https://www.frixlaw.com/law-library/statutes/STATE_ME_T24-A_C9_S704-A.md)
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- [24-A M.R.S. § 707 24-A §707. "Casualty insurance" defined](https://www.frixlaw.com/law-library/statutes/STATE_ME_T24-A_C9_S707.md)
- [24-A M.R.S. § 708 24-A §708. Marine and transportation, "wet marine" insurance defined](https://www.frixlaw.com/law-library/statutes/STATE_ME_T24-A_C9_S708.md)
- [24-A M.R.S. § 709 24-A §709. "Title insurance" defined](https://www.frixlaw.com/law-library/statutes/STATE_ME_T24-A_C9_S709.md)
- [24-A M.R.S. § 709-A 24-A §709-A. Financial guaranty insurance defined](https://www.frixlaw.com/law-library/statutes/STATE_ME_T24-A_C9_S709-A.md)
- [24-A M.R.S. § 721 24-A §721. Limits of risk](https://www.frixlaw.com/law-library/statutes/STATE_ME_T24-A_C9_S721.md)
- [24-A M.R.S. § 731-A 24-A §731-A. Acceptance of reinsurance](https://www.frixlaw.com/law-library/statutes/STATE_ME_T24-A_C9_S731-A.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_ME_T24-A_C9_S703. Check the current official text before relying on it. Not legal advice.