Ill. Admin. Code tit. 50, § 917.40 - Other Definitions

Current through Register Vol. 46, No. 15, April 8, 2022

Buyer's Guide means a document which contains, and is limited to, the language contained in Exhibit A of 50 Ill. Adm. Code 930.

Direct-Response Sales means any sale of life insurance or annuity where the insurer does not utilize an insurance producer in the sale or delivery of the policy.

Existing Insurer means the insurance company whose policy is or will be changed or terminated in such a manner as described within the definition of "replacement."

Existing Life Insurance means any life insurance or annuity in-force, including insurance under a binding or conditional receipt or an insurance policy that is within an unconditional refund period, but excluding life insurance obtained through the exercise of a dividend option.

Insurance Producer, for the purposes of this Part, shall have the same meaning as "insurance producer" as defined in Section 500-10 of the Illinois Insurance Code [215 ILCS 5/500-10 ].

Policy Summary means a written statement describing the elements of the policy as defined in 50 Ill. Adm. Code 930.40(g).

Registered Contract means any contract issued by a life insurance company which is registered with the Federal Securities and Exchange Commission.

Replacing Insurer means the insurance company that issues a new policy which is a replacement of existing life insurance or annuity.

Notes

Ill. Admin. Code tit. 50, § 917.40

Amended at 26 Ill. Reg. 16504, effective October 28, 2002

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