31 Pa. Code § 81.2 - Definitions
The following words and terms, when used in this chapter, have the following meanings, unless the context clearly indicates otherwise:
Commissioner-The Insurance Commissioner of the Commonwealth.
Conservation-An attempt by the existing insurer or its agent or broker to dissuade a policyowner from the replacement of existing life insurance or annuity. The term does not include routine administrative procedures, such as late payment reminders, late payment offers or reinstatement offers.
Department-The Insurance Department of the Commonwealth.
Direct-response sales-A sale of life insurance or annuity where the insured does not utilize an agent in the sale or delivery of the policy.
Existing insurer-The insurance company whose policy is or will be changed or terminated in such a manner as described in the definition of replacement.
Existing life insurance or annuity-A life insurance or annuity in force, including life insurance under a binding or conditional receipt or a life insurance policy or annuity that is within an unconditional refund period.
Registered contract-Variable annuities, variable life insurance under which the death benefits and cash values vary in accordance with unit values of investments held in a separate account or another contract issued by life insurance companies which is registered with the Federal Securities and Exchange Commission.
Replacement-A transaction in which new life insurance or a new annuity is to be purchased, and it is known or should be known to the proposing agent, broker or proposing insurer if there is no agent, that by reason of the transaction, existing life insurance or annuity has been or is to be one of the following:
Replacing insurer-The insurance company that issues or proposes to issue a new policy or contract which is a replacement of existing life insurance or annuity.
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