N.M. Admin. Code § 13.9.5.7
Current through Register Vol. 36, No. 1, January 14, 2025
Section 13.9.5.7 - DEFINITIONSFor the purposes of this rule, the following definitions apply:
A. "buyer's guide" means the Life Insurance Buyer's Guide contained in 13.9.5.14 NMAC or other language approved by the superintendent;B. "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;C. "generic name" means a short title that is descriptive of the premium and benefit patterns of a policy or a rider;D. "nonguaranteed elements" means the premiums, credited interest rates (including any bonus), benefits, values, non-interest based credits, charges or elements of formulas used to determine any of these, that are subject to company discretion and are not guaranteed at issue. An element is considered non-guaranteed if any of the underlying non-guaranteed elements are used in its calculation;E. "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: illustrated annual, other periodic, and terminal dividends; premiums; death benefits; cash surrender values and endowment benefits;F. "policy summary" means a written statement describing the elements of the policy and meeting the requirements of 13.9.5.8 NMAC; andG. "preneed funeral contract or prearrangement" means an agreement by or for an individual before that individual's death relating to the purchase or provision of specific funeral or cemetery merchandise or services.N.M. Admin. Code § 13.9.5.7
13.9.5.7 NMAC - Rp 13 NMAC 9.5.7, 1-1-04