Section 760 IAC 1-16.1-3 - DefinitionsAuthority: IC 27-1-3-7
Affected: IC 27-4-1-8
Sec. 3.
(A) "Conservation" means any attempt by the existing insurer or its agent to continue existing life insurance in force when the existing insurer has received a copy of the "Important Notice Regarding Replacement of Life Insurance" as required by 760 IAC 1-16.1-6(C)(3) from a replacing insurer. A conservation effort does not include such routine administrative procedures like late payment reminders, late payment offers or reinstatement offers.(B) "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.(C) "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".(D) "Life Insurance" means all forms of life insurance, including annuities, except as exempted under 760 IAC 1-16.1-4. (1) "Existing Life Insurance" means life insurance, as herein defined, that is in force, and includes life insurance under a binding or conditional receipt or a life insurance policy that is within an unconditional refund period.(2) "Proposed Life Insurance" means life insurance, as herein defined, which is intended as a replacement for existing life insurance.(E) "Type of Policy" means a short title which is descriptive of the premium and benefit patterns of a policy or a rider.(F) "Replacing Insurer" means the insurance company that issues or proposes to issue a new policy which is a replacement of existing life insurance.(G) "Sales Proposal" means individualized, written sales aids of all kinds, excluding the "Important Notice Regarding Replacement of Life Insurance", Policy Summaries, as required by 760 IAC 1-24, and Essential Policy Information Summaries which are used by an insurer, agent or broker in comparing existing life insurance to proposed life insurance in order to recommend the replacement or conservation of existing life insurance. Sales aids of a generally descriptive nature shall not be considered a Sales Proposal within the meaning of this definition.(H) "Essential Policy Information Summary" means a form, statement or summary which must be provided to an insured by an existing insurer undertaking a conservation effort that includes at a minimum, but is not limited to, premiums, annual guaranteed cash values (shown for a period of twenty years or to age sixty-five, whichever is sooner), death benefits, dividends, if any, and the amount of policy indebtedness, unless otherwise exempted by or prohibited by law. This shall apply to the policy or policies and to all riders and endorsements attached thereto. Department of Insurance; Reg 28, Sec 4; filed Oct 12, 1979, 4:50 pm: 2 IR 1569, eff Jan 1, 1980; filed Aug 20, 1982, 2:58 pm: 5 IR 2230, eff Jan 1, 1983; readopted filed Sep 14, 2001, 12:22 p.m.: 25 IR 531; readopted filed Nov 27, 2007, 4:01 p.m.: 20071226-IR-760070717RFA; readopted filed November 26, 2013, 3:43 p.m.: 20131225-IR-760130479RFAReadopted filed 11/19/2019, 9:18 a.m.: 20191218-IR-760190497RFA