In addition to the definitions in Miss. Code
Ann. §
83-7-203,
the following definitions apply to this regulation:
A. "Chronically ill" means:
1. Being unable to perform at least two (2) activities of
daily living (i.e. eating, toileting, transferring, bathing, dressing, or
continence);
2. Requiring substantial supervision to protect the
individual from threats to health and safety due to severe cognitive
impairment; or
3. Having a level of disability similar to that described in
(1) above as determined by the Secretary of Health and Human Services;
B. "Insured" mean the person covered under the policy being
considered for viatication;
C. "Financing Entity" means an underwriter, placement agent,
lender, purchaser of securities, purchaser of a policy or certificate from a
viatical settlement provider, credit enhancer, or any person that may be a
party to a viatical settlement contract and that has a direct ownership in a
policy or certificate 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 and who has an agreement in writing with a licensed
viatical settlement provider to act as a participant in a financing
transaction;
D. "Life expectancy" means the mean of the number of months
the individual insured under the life insurance policy to be viaticated can be
expected to live as determined by the viatical settlement provider considering
medical records and appropriate experiential data;
E. "Life settlement" means when a person, who does not have a
terminal or chronic illness, sells a life insurance policy to a third party,
usually a viatical settlement provider, for less than the face value of the
policy. For purposes of this regulation and the Viatical Settlements Act there
is no difference between a life settlement and a viatical settlement;
F. "Net death benefit" means the amount of the life insurance
policy or certificate to be viaticated less any outstanding debts or
liens;
G. "Patient identifying information" means an insured's
address, telephone number, facsimile number, electronic mail address,
photograph or likeness, employer, employment status, social security number, or
any other information that is likely to lead to the identification of the
insured; and
H. "Terminally ill" means having an illness or sickness that
can reasonably be expected to result in death in twenty-four (24) months or
less.
