W. Va. Code R. § 114-80-2

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 114-80-2 - Definitions

In addition to the definitions in W.Va. Code § 33-13C-2, the following definitions apply:

2.1. "Escrow agent" means an independent third-party person who, pursuant to a written agreement signed by the viatical settlement provider, viatical settlement broker and viator, provides escrow services related to the acquisition of a life insurance policy pursuant to a viatical settlement contract. "Escrow agent" does not include any person associated with, affiliated with, or under the control of a person licensed under W.Va. Code § 33-13C-3 or any person retained to represent a viator who is licensed as an attorney, certified public accountant or financial planner accredited by a nationally recognized accreditation agency whose compensation is not paid directly or indirectly by the viatical settlement provider, and whose viatical settlement activities are incidental to the professional practice of the attorney, certified public accountant or financial planner. "Escrow agent" also does not include an insurance producer authorized to act under W. Va. Code §33-13C- 3(2)(A).

2.2. "Insured" means the person covered under the policy being considered for viatication.

2.3. "Life expectancy " means the arithmetic mean of the number of months the individual insured under the life insurance policy to be viaticated can be expected to live as determined by an independent life expectancy provider considering medical records and appropriate experiential data..

2.4. "Net death benefit" means the amount of the life insurance policy or certificate to be viaticated less any outstanding debts or liens.

2.5. "Patient identifying information" means an insured's address, telephone number, facsimile number, electronic mail address, photograph or likeness, employer, employment status, social security number, or any other information that is likely to lead to the identification of the insured.

2.6. "Brochure" means an informational brochure that is distributed to viators explaining viatical settlement contracts. The brochure shall be in the National Association of Insurance Commissioners' (NAIC) format unless the Commissioner develops or adopts another version and makes it available on the Insurance Commission's website: Provided, That a licensed provider may apply to the Commissioner for permission to use a specific brochure in lieu of the NAIC brochure or other one approved by the Commissioner.

2.7. "Proposal" means the documents distributed to a viator by a viatical settlement provider pursuant to section 10 of this rule that outlines the terms and conditions of the viatical settlement contract.

W. Va. Code R. § 114-80-2