In
3
AAC 31.300 -
3
AAC 31.449, unless the context requires
otherwise,
(1) "chronically ill" means
(A) being unable to perform at least two
activities of daily living; in this subparagraph, "activities of daily living"
means
(i) eating;
(ii) toileting;
(iii) transferring;
(iv) bathing;
(v) dressing; and
(vi) continence; or
(B) requiring substantial supervision to
protect the insured from threats to health and safety due to severe cognitive
impairment;
(2)
"compliance officer" means a licensee responsible for a firm's compliance with
AS 21 and
3 AAC 31.300 -
3
AAC 31.449;
(3) "firm" has the meaning given in
AS
21.97.900;
(4) "home state" means the District of
Columbia or a state or territory of the United States in which a viatical
settlement provider, viatical settlement broker, or viatical settlement
representative maintains that person's principal place of residence or
principal place of business and is licensed to act as a viatical settlement
provider, viatical settlement broker, or viatical settlement
representative;
(5) "individual"
means a natural person who is required to be licensed under
AS
21.96.110 and
3
AAC 31.300 -
3
AAC 31.449;
(6) repealed 10/13/2011;
(7) "insured" means the person covered under
an insurance policy that has been viaticated or that is proposed to be
viaticated;
(8) "life expectancy"
means the average number of months an insured under a life insurance policy to
be viaticated can be expected to live as determined by a viatical settlement
provider considering medical records and appropriate experiential
data;
(9) "net death benefit" means
the amount of a life insurance policy or certificate to be viaticated, less any
outstanding debts or liens;
(10)
"patient identifying information" means
(A) an
insured's address, telephone number, facsimile number, electronic mail address,
photograph or other likeness, employer, employment status, or social security
number; or
(B) information that is
likely to lead to the identification of the insured;
(11) "person" has the meaning given in
AS
21.97.900 and includes a limited liability
company;
(12) "resident" has the
meaning given in
AS
21.27.900;
(13) "spousal equivalent" means a person who
is cohabiting with another person in a relationship that is like a marriage but
that is not a legal marriage;
(14)
"terminally ill" means having an illness or disease that can reasonably be
expected to result in death in 24 months or less;
(15) "viatical settlement financing entity"
means an underwriter, placement agent, lender, purchaser of securities,
purchaser of a life insurance policy from a viatical settlement provider,
credit enhancer, reinsurer, or person that is a party to a viatical settlement
contract and that has a direct ownership in a life insurance policy that is the
subject of a viatical settlement contract but whose sole activity related to
the transaction is providing funds to effect the viatical settlement contract
and that has an agreement in writing with a viatical settlement provider to act
as a participant in a viatical settlement financing transaction;
(16) "viatical settlement financing
transaction" means a transaction in which a viatical settlement provider or a
viatical settlement financing entity obtains financing for viatical settlement
contracts, viaticated policies, or interests in those contracts or policies;
"viatical settlement financing transaction" includes secured or unsecured
financing, a securitization transaction or securities offering either
registered or exempt from registration under federal and state law, or a direct
purchase of interests in that policy, if that financing transaction complies
with federal and state securities law;
(17) "viaticate" means to enter into a
viatical settlement contract;
(18)
"working day" means a calendar day other than Saturday, Sunday, an official
federal holiday, or an official holiday in this state.
