Page 204

CODE OF COLORADO REGULATIONS 10 CCR 2505-10 8.100 Medical Services Board

204 f. “Balloon Payment” means a lump sum equal to the initial annuity premium less any distributions paid out before the end of an annuitization period. g. “Beneficiary” means an individual or individuals entitled to receive any remaining payments from an annuity upon the death of the annuitant. h. “Department” means the Department of Health Care Policy and Financing, its successor(s), or its designee(s). i. “Irrevocable” means an annuity that cannot be canceled, revoked, terminated, or surrendered under any circumstances. j. “Non-assignable” means an annuity that cannot have its owner and/or annuitant changed under any circumstances. k. “Owner” means the person who may exercise the rights provided in an annuity contract during the life of the annuitant. An owner can generally name himself or herself or another person as the annuitant. l. “Revocable” means an annuity that can be canceled, revoked, terminated, or surrendered. m. “Transaction” means: i) The purchase of an annuity; ii) The addition of principal to an annuity; iii) Elective withdrawals from an annuity; iv) Requests to change the distributions from an annuity; v) Elections to annuitize an annuity contract; or vi) Any other action taken by an individual that changes the course of payments made by an annuity or the treatment of income or principal of an annuity. 2. Annuities purchased on or before June 30, 1995