Section 0780-01-24-.03 - OTHER DEFINITIONS(1) "Conservation" means any attempt by the existing insurer or its agent to dissuade a policyowner from the replacement of existing life insurance. Conservation does not include routine administrative procedures such as late payment reminders, late payment offers or reinstatement offers.(2) ''Direct-Response Sales'' means any sale of life insurance where the insurer does not utilize an agent in the sale or delivery of the policy.(3) ''Existing Insurer'' means the insurance company whose policy is or will be changed or terminated in such a manner as described within the definition of ''replacement''.(4) ''Existing Life Insurance'' means any life insurance in force, including life insurance under a binding or conditional receipt or a life insurance policy that is within an unconditional refund period.(5) ''Replacing Insurer'' means the insurance company that issues or proposes to issue a new policy or contract which is a replacement or existing life insurance.(6) ''Registered Contract'' means variable life insurance under which the death benefits and cash values vary in accordance with unit values of investments held in a separate account, or any other contracts issued by life insurance companies which are registered with the Federal Securities and Exchange Commission.Tenn. Comp. R. & Regs. 0780-01-24-.03
Original rule certified June 10, 1974. Repeal and new rule filed August 30, 1982; effective October 1, 1982. Repeal and new rule filed May 17, 1985; effective September 1, 1985.Authority: T.C.A. §§ 56-1-701, 56-2-301, 56-6-127 and 56-8-104.