“Indeterminate value contracts” and “variable contracts” defined

For the purposes of this part:(1) “Indeterminate value contracts” means annuity contracts, life insurance contracts, and contracts upon the lives of beneficiaries under life insurance contracts when such annuities or contracts provide variable or indeterminate benefits, values, or premiums.(2) “Variable contracts” means indeterminate value contracts for which assets are held in a separate account.History.—ss. 586, 809(2nd), ch. 82-243; s. 79, ch. 82-386; s. 114, ch. 92-318.