31 Pa. Code § 146d.3

Current through Register Vol. 54, No. 45, November 9, 2024

Section 146d.3 - Definitions

The following words and terms, when used in this chapter, have the following meanings, unless the context clearly indicates otherwise:

Active duty-

(i) Full-time duty in the United States Armed Forces.

(ii) The term includes full-time duty or training in the National Guard or Reserve components of the United States Armed Forces if serving under published orders for a period of more than 31-calendar days.

Commissioner-The Insurance Commissioner of the Commonwealth.

Door to door-A solicitation or sales method whereby an insurance producer proceeds randomly or selectively from household to household without prior specific appointment.

General advertisement-An advertisement that promotes the concept of insurance, the insurer or the insurance producer.

Insurer-A life insurance company required to be licensed under section 202 of The Insurance Company Law of 1921 (40 P. S. § 382), or a fraternal benefit society required to be licensed under Article XXIV of The Insurance Company Law of 1921 (40 P. S. §§ 991.2401-991.2466), known as the Fraternal Benefit Societies Code, to provide life insurance products, including annuities.

Insurance producer-A person who sells, solicits or negotiates contracts of insurance as defined in section 601-A of The Insurance Department Act of 1921 (40 P. S. § 310.1).

Life insurance-

(i) Insurance coverage on human lives including benefits of endowment and annuities, and may include benefits in the event of death or dismemberment by accident and benefits for disability income.

(ii) The term includes individually issued annuities unless specifically excluded.

Military installation-A Federally-owned, leased, or operated base, reservation, post, camp, building, or other facility to which service members are assigned for duty, including barracks, transient housing and family quarters.

MyPay-A Defense Finance and Accounting Service web-based system that enables service members to process certain discretionary pay transactions or provide updates to personal information data elements without using paper forms.

Premium deposit fund-Amounts paid in and held for payments of future contractual obligations of policyholders or contractholders under an individual life insurance policy or an individual annuity contract.

Service member-A commissioned or warrant active duty officer or enlisted member of the United States Armed Forces.

Side fund-

(i) A fund or reserve that is part of or otherwise attached to a life insurance policy, excluding individually issued annuities, by rider, endorsement or other mechanism which accumulates premium or deposits with interest or by other means.

(ii) The term does not include the following:

(A) The accumulated value, cash value or secondary guarantee provided by a universal life policy.

(B) A cash value provided by a whole life policy that is subject to standard nonforfeiture law for life insurance.

(C) A premium deposit fund that meets the following requirements:

(I) Contains only premiums paid in advance which accumulate at interest.

(II) Imposes no penalty for withdrawal.

(III) Does not permit funding beyond future required premiums.

(IV) Is not marketed or intended as an investment.

(V) Does not carry a commission, either paid or calculated.

Specific appointment-A prearranged, agreed upon appointment that is definite as to place and time.

United States Armed Forces-All components of the Army, Navy, Air Force, Marine Corps and Coast Guard.

31 Pa. Code § 146d.3