Section 17:49-5 - Construction of termsConstruction of terms, for the purposes of this act,
a. the business of insurance shall include the issuance of all kinds of endowment policies and annuity contracts;b. the legal effect of an undertaking to pay the equivalent of money, or to do some act of value, except the furnishing of services, upon the happening of a certain or contingent event, shall be the same as an undertaking on the part of an insurer to pay a certain or an ascertainable sum of money.L.1939, c.188, p.545, s.5.