(40 ILCS 5/7-119) (from Ch. 108 1/2, par. 7-119)
Sec. 7-119.
Annuity.
"Annuity": A series of equal monthly payments, payable as of the first
day of each calendar month during the life of an annuitant, the first
payment to be made as of the first day of the calendar month coincidental
with or next following the date upon which the annuity begins, and the last
payment to be made as of the first day of the calendar month in which the
annuitant dies or the annuity is terminated.
(Source: Laws 1963, p. 161.)
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