Utah Admin. Code R590-251-3 - Definitions

Terms used in this rule are defined in Section 31A-1-301. Additional terms are defined as follows:

(1)

(a) "2001 CSO Mortality Table" means the mortality table, 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.

(b)

Unless otherwise indicated, the "2001 CSO Mortality Table" includes:

(i) the ultimate form of the table;

(ii) the select and ultimate form of the table;

(iii) the smoker and nonsmoker mortality tables;

(iv) the composite mortality tables; and

(v) the age-nearest-birthday and age-last-birthday bases of the mortality tables.

(2) "Goods and services" include embalming, cremation, body preparation, viewing or visitation, coffin or urn, memorial stone, and transportation of the deceased.

(3)

(a) "Preneed insurance " means a life insurance policy or certificate that is issued in combination with a prearrangement agreement for goods and services provided at the time of or immediately following the death of the insured.

(b) The status of the policy or contract as preneed insurance is determined at the time of issue .

(4) "Ultimate 1980 CSO" means the Commissioners' 1980 Standard Ordinary Life Valuation Mortality Tables without 10-year selection factors, incorporated into the 1980 amendments to the NAIC Standard Valuation Law approved in December 1983.

Notes

Utah Admin. Code R590-251-3

Amended by Utah State Bulletin Number 2022-23, effective 11/22/2022