38.2-107 - Variable annuity. - Virginia Statutes

§ 38.2-107. Variable annuity.

"Variable annuity" means any agreement or contract for an annuity in whichthe amount or duration of benefits or optional lump sum cash settlement mayvary according to the investment experience of any separate accountmaintained by the insurer for the policy or contract as provided for in §38.2-3113. Pursuant to the terms of the contract, payments may be made for astated period of time or for the life of the person or persons specified inthe contract.

(1986, c. 562; 1993, c. 764.)