Iowa Code § 523A.605
Allocation of growth or interest
Redline — January 1, 2023 → current.View current text →
Current — January 1, 2024
As of January 1, 2023
If a purchase agreement funded by insurance proceeds under section 523A.401 or by annuity proceeds under section 523A.402 includes nonguaranteed merchandise or services, the purchaser, beneficiary, or the beneficiary’s estate shall receive a credit for, and the benefit of, any growth in death benefits that is at least equal to the percentage of the total price under the purchase agreement that is attributable to the nonguaranteed merchandise or services.
If a purchase agreement funded by insurance proceeds under section 523A.401 or by annuity proceeds under section 523A.402 includes nonguaranteed merchandise or services, the purchaser, beneficiary, or the beneficiary’s estate shall receive a credit for, and the benefit of, any growth in death benefits that is at least equal to the percentage of the total price under the purchase agreement that is attributable to the nonguaranteed merchandise or services.
NEW section
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.