Section 1446 Of Chapter 1. Short Title And Definitions From California Probate Code >> Division 4. >> Part 1. >> Chapter 1.

. "Single-premium deferred annuity" means an annuity offered by an admitted life insurer for the payment of a one-time lump-sum premium and for which the insurer neither assesses any initial charges or administrative fees against the premium paid nor exacts or assesses any penalty for withdrawal of any funds by the annuitant after a period of five years.