N.H. Code Admin. R. Ins 301.03 - Definitions

For the purposes of this part, the following definitions shall apply:

(a) "Buyers' guide" means a consumer disclosure document provided to prospective life insurance purchasers.
(b) "Current scale of nonguaranteed elements" means a formula or other mechanism that produces values for an illustration as if there is no change in the basis of those values after the time of illustration.
(c) "Generic name" means a short title which is descriptive of the premium and benefit patterns of a policy or a rider.
(d) "Nonguaranteed elements" means the premiums, credited interest rates (including any bonus), benefits, values, non-interest based credits, charges, or elements of formulas used to determine any of these, that are subject to company discretion and are not guaranteed at issue. An element is considered nonguaranteed if any of the underlying nonguaranteed elements are used in its calculation.
(e) "Policy data" means a display or schedule of numerical values, both guaranteed and nonguaranteed for each policy year, or a series of designated policy years, of the following information:
(1) Illustrated annual, other periodic, and terminal dividend;
(2) Premiums;
(3) Death benefits;
(4) Cash surrender values; and
(5) Endowment benefits.
(f) "Policy summary" means a written statement describing the elements of the policy, including, but not limited to:
(1) A prominently placed title as follows: STATEMENT OF POLICY COST AND BENEFIT INFORMATION;
(2) The name and address of the insurance producer or, if no producer is involved, a statement of the procedure to be followed in order to receive responses to inquiries regarding the policy summary;
(3) The full name and home office or administrative office address of the company in which the life insurance policy is to be or has been written;
(4) The generic name of the basic policy and each rider;
(5) The following amounts, where applicable, for the first 5 policy years and representative policy years thereafter sufficient to clearly illustrate the premium and benefit patterns, including at least one age from 60 through 65 and policy maturity:
a.The annual premium for the basic policy;
b.The annual premium for each optional rider;
c.The amount payable upon death at the beginning of the policy year regardless of the cause of death, other than suicide or other specifically enumerated exclusions, that is provided by the basic policy and each optional rider, with benefits provided under the basic policy and each rider shown separately;
d.The total guaranteed cash surrender values at the end of the year with values shown separately for the basic policy and each rider; and
e.Any endowment amounts payable under the policy that are not included under cash surrender values above;
(6) The effective policy loan annual percentage interest rate, if the policy contains this provision, specifying whether this rate is applied in advance or in arrears. If the policy loan interest rate is adjustable, the policy summary shall also indicate that the annual percentage rate will be determined by the company in accordance with the provisions of the policy and the applicable law; and
(7) The date on which the policy summary is prepared.
(g) "Preneed funeral contract or prearrangement" means an agreement by or for an individual before that individual's death relating to the purchase or provision of specific funeral or cemetery merchandise or services.

Notes

N.H. Code Admin. R. Ins 301.03

#1900, eff 1-1-82; ss by #4287, eff 7-1-87; ss by #5657, eff 7-1-93; ss by #7015, INTERIM, eff 7-1-99, EXPIRED: 10-29-99

New. #7450, eff 2-16-01; amd by #7536, eff 8-1-01; paragraphs (a)-(f) EXPIRED: 2-16-09; paragraph (g) EXPIRED: 8-1-09

New. #9651, eff 2-5-10

Amended by Volume XXXVII Number 50, Filed December 14, 2017, Proposed by #12423, Effective 2/5/2018, Expires 2/5/2028

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