Kan. Admin. Regs. § 40-5-102 - Consumer credit insurance; definitions
(a) "Credit life
insurance" means insurance on the life of a consumer pursuant to or in
connection with a consumer credit transaction.
(b) "Credit accident and health insurance"
means insurance, written in connection with a consumer credit transaction, to
provide benefits in the event of disability of a consumer.
(c) "Claims incurred" means claims actually
paid during the year, appropriately adjusted for the yearly change in claim
reserves, including reserves for reported claims in process of settlement and
claims incurred but not reported.
(d) "Claims" means benefits payable on death
or disability excluding loss adjustment expense, claims settlement costs, or
other additions of any kind.
(e)
"Premiums earned" means the total gross premiums which become due to the
insurance company, without reduction of any kind, except the premiums refunded
or adjusted on account of termination of coverage, and appropriately adjusted
for changes in gross unearned premiums in force upon a pro rata basis or a "sum
of the digits" basis consistent with K.A.R. 40-5-108(a) .
(f) "Commissioner" means the commissioner of
insurance of the state of Kansas.
Notes
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