N.Y. Comp. Codes R. & Regs. Tit. 11 §§ 42-2.3

Current through Register Vol. 46, No. 51, December 18, 2024

Section 42-2.3 - Definitions

As used in this Subpart, the following terms shall have the following meanings:

(a) Policy form means any policy, certificate, and any application therefor, or rider or endorsement thereto, affording benefits of life insurance.

(b) Policy means every policy, rider or endorsement that collectively constitute the agreement between the insurer and insured.

(c) Indeterminate premium policy means an individual life insurance policy, whether participating or non-participating, providing for prospective readjustment of the rate of premium as specified in section 4231 (g)(1)(D) of the Insurance Law, or any comparable policy.

(d) Initial current gross premium scale for an indeterminate premium policy means the schedule of gross premiums, based on the initial (current) pricing assumptions that would be payable if there were no prospective premium readjustments.

(e) Guaranteed gross premium scale for an indeterminate premium policy means the schedule of gross premiums guaranteed by policy provision to be the maximum premium that can be charged under the prospective readjustment of premium provision.

N.Y. Comp. Codes R. & Regs. Tit. 11 §§ 42-2.3