Exam term

Standard Nonforfeiture Law for Annuities

Section 4223 of the Insurance Law, which guarantees that money paid into an annuity is not forfeited if payments stop. Section 4220 is the older law and governs only contracts issued before 4223 took effect.

Lessons that use this term

New York required annuity contract provisions (Ins. Law 3219, 4220, 4223) New York
Deferred annuity surrender and withdrawal charges, nonforfeiture, and death benefits New York