28 Tex. Admin. Code § 4.2832 - Definitions
The following words and terms, when used in this subchapter, have the following meanings unless the context clearly indicates otherwise.
(1) 2001 CSO Mortality
Table--Mortality tables, consisting of separate rates of mortality for male and
female lives, developed by the American Academy of Actuaries CSO Task Force
from the Valuation Basic Mortality Table developed by the Society of Actuaries
Individual Life Insurance Valuation Mortality Task Force, and adopted by the
NAIC in December 2002. The 2001 CSO Mortality Table is included in the 2nd
Quarter 2002 Proceedings of the NAIC. Unless the context
indicates otherwise, the 2001 CSO Mortality Table includes both the ultimate
form of that table and the select and ultimate form of that table and includes
both the smoker and nonsmoker mortality tables and the composite mortality
tables. It also includes both the age-nearest-birthday and age-last-birthday
bases of the mortality tables.
(2)
Department--The Texas Department of Insurance.
(3) NAIC--National Association of Insurance
Commissioners.
(4) Prepaid funeral
benefits--As defined in Finance Code §
154.002(9),
concerning Definitions.
(5) Prepaid
funeral benefits contract--A contract or agreement for prepaid funeral benefits
subject to the requirements of Finance Code Chapter 154, concerning Prepaid
Funeral Services.
(6) Preneed life
insurance--A life insurance policy or certificate that is approved by the
department, issued by an insurance company licensed by the department, issued
in conjunction with an insurance-funded prepaid funeral benefits contract, and
that, whether by assignment or otherwise, has the purpose of funding prepaid
funeral benefits to be provided at the time of, or immediately following, the
death of the insured. For purposes of this subchapter, the definition of
preneed life insurance does not include an annuity contract or
policy.
(7) Ultimate 1980 CSO--The
Commissioners 1980 Standard Ordinary Mortality Table without 10-year selection
factors, incorporated into the 1980 amendments to the NAIC Standard Valuation
Law approved in December 1983.
Notes
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