48.38.030 - Charitable annuity contract or policy form -- Contents. - Washington Statutes

Charitable annuity contract or policy form — Contents.

Each charitable annuity contract or policy form must include the following information:

     (1) The value of the property to be transferred;

     (2) The amount of the annuity to be paid to the transferor or the transferor's nominee;

     (3) The manner in which and the intervals at which payment is to be made;

     (4) The age of the person during whose life payment is to be made; and

     (5) The reasonable value as of the date of the agreement of the benefits created. This value may not exceed by more than fifteen percent the net single premium for the benefits, determined according to the standard of valuation set forth in RCW 48.38.020(3).

[2005 c 223 § 24; 1979 c 130 § 8.]

Notes: Severability -- 1979 c 130: See note following RCW 28B.10.485.