Utah Admin. Code R590-79-3 - Definitions
Terms used in this rule are defined in Section 31A-1-301 and Rule R590-177. Additional terms are defined as follows:
(1) "Buyer's guide" means a document that
contains, and is limited to, the language contained in the "Life Insurance
Buyer's Guide," as adopted and periodically amended by the National Association
of Insurance Commissioners.
(2)
"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.
(3) "Generic name" means a short title
descriptive of the policy being illustrated such as "whole life," "term life,"
or "flexible premium adjustable life."
(4)
(a)
"Nonguaranteed element" means a premium, benefit, value, credit, or charge
under a life insurance policy that is not guaranteed or not determined at
issue.
(b) An element is considered
nonguaranteed if any underlying nonguaranteed element is used in its
calculation.
(5) "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:
(a) illustrated
annual, other periodic, and terminal dividends;
(b) premiums;
(c) death benefits;
(d) cash surrender values; and
(e) endowment benefits.
(6) "Policy summary" means a written
statement describing only the guaranteed elements of the policy.
(7) "Preneed funeral contract" and
"prearrangement" each mean an agreement by or for an individual before that
individual's death relating to the purchase or provisions of specific funeral
or cemetery merchandise or services.
Notes
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