Chapter IV. Insurance of the Person
Section 4. Annuity Insurance
(Liability of an Annuity Insurer)
An annuity insurer is liable to pay a fixed amount of money in a lump sum or in installments during the life of the insured or during a specified period of time in accordance with the contract.
(Specification of an Annuity Insurance Contract)
An annuity insurance contract, in addition to specifying the particulars provided in Article 55, shall also specify the following particulars:
1. Insured's name, sex/gender, age, and domicile.
2. Amount of annuity or method for determining the amount of annuity.
3. Names of beneficiaries, and their relationship to the insured.
4. Term of annuity, dates and method of payment of annuity.
5. Conditions attaching to any reduction in the annuity amount carried out in accordance with Article 118.
(Beneficiary of an Annuity Insurance)
During the lifetime of the insured, the beneficiary of annuity insurance shall be the insured himself or herself.
If an insurance contract provides for payment of annuity after death of the insured, the provisions of Articles 110 to Article 113 apply mutatis mutandis to the beneficiary.
(Provisions Applied Mutatis Mutandis)
The provisions of Article 103, Article 104, Article 106, and Articles 114 through Article 124 apply mutatis mutandis to annuity insurance. However, during the annuity payment period, the proposer may not terminate the contract or pledge such contract to the insurer as loan collateral.