Utah Admin. Code R590-98-3 - Definitions
Terms used in this rule are defined in Section 31A-1-301. Additional terms are defined as follows:
(1)
(a) "Deferral" means withholding or delaying
payment of policy values to the policyholder.
(b) "Deferral" does not include withholding
or delaying payment of variable life insurance and variable annuity payments
when the value of investment assets on which payments are based cannot be
obtained because:
(i) the Securities and
Exchange Commission (SEC) has restricted trading;
(ii) the stock exchange is closed;
or
(iii) the SEC permits deferral
to protect the policyholder.
(2) "Policyholder" includes a certificate
holder under a group policy.
(3)
"Policy value" means any value to which the policyholder is entitled, upon
request, for a policy loan, withdrawal, or surrender of a policy, and includes:
(a) cash values;
(b) accumulated dividends;
(c) coupons; and
(d) other similar values.
Notes
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