210 Neb. Admin. Code, ch. 82, § 005 - Definitions

As used in this rule:

005.01 "Active Duty" carries the same definition as that included in 38 U.S.C. § 1965(1)

005.02 "Department of Defense (DoD) Personnel" means all active duty service members and all civilian employees, including nonappropriated fund employees and special government employees, of the Department of Defense.

005.03 "Door to Door" means a solicitation or sales method whereby an insurance producer proceeds randomly or selectively from household to household without prior specific appointment.

005.04 "General Advertisement" means an advertisement having as its sole purpose the promotion of the viewer's interest in the concept of insurance, the promotion of the insurer or the insurance producer.

005.05 "Insurer" means an insurance company required to be licensed under Nebraska laws to provide life insurance products, including annuities.

005.06 "Insurance producer" carries the same definition as that set out in Neb. Rev .Stat. § 44-103(10)

005.07 "Known" or "Knowingly" means, depending on its use, the insurance producer or insurer had actual awareness, or in the exercise of ordinary care should have known, at the time of the act or practice complained of, that the person solicited is a service members

005.08 "Life Insurance" means insurance coverage on human lives including benefits of endowmen and may include;

(a) benefits in the event of death or dismemberment by accident; and

(b) benefits for disability income; and

(c) individually issued annuities unless otherwise excluded.

005.09 "Military Installation" means any federally owned, leased, or operated base, reservation, post, camp, building, or other facility to which service members are assigned for duty, including barracks, transient housing, and family quarters.

005.10 "MyPay" is a Defense Finance and Accounting Service (DFAS) web-based system that enables service members to process certain discretionary pay transactions or provide updates to personal information data elements without using paper forms.

005.11 "Service Member" means any active duty officer (commissioned and warrant) or enlisted member of the USA.

005.12 "Side Fund" means a fund or reserve that is part of or otherwise attached to a life insurance policy (excluding individually issued annuities) by rider, endorsement or other mechanism which accumulates premium or deposits with interest or other means. The term does not include:

005.13A accumulated value, cash value, or secondary guarantees provided by a universal life policy;

005.13B cash values provided by a whole life policies which are subject to standard nonforfeiture law for life insurance; or

005.13C a premium deposit fund which:

005.13C(1) contains only premiums paid in advance which accumulate at interest;

005.13C(2) imposes no penalty for withdrawal;

005.13C(3) does not permit funding beyond future mandatory premiums;

005.13C(4) is not marketed or intended as an investment; and

005.13C(5) does not carry a commission, either paid or calculated.

005.14 "Specific Appointment" means a prearranged meeting at a specific place and time agreed upon by both parties .

005.15 "United States Armed Forces (USAF) means all components of the Army, Navy, Air Force, Marine Corps, and Coast Guard.

Notes

210 Neb. Admin. Code, ch. 82, § 005

Amended effective 10/4/2020