Section 760 IAC 1-61-2 - DefinitionsAuthority: IC 27-8-19.8-25; IC 27-8-19.8-26
Affected: IC 27-8-19.8-17; IC 27-8-19.8-23
Sec. 2.
In addition to the definitions in IC 27-8-19.8, the following definitions apply throughout this rule:
(1) "Affiliate of a specific person" means a person who directly, or indirectly through one (1) or more intermediaries: (C) is under common control with; the person specified.(2) "Catastrophic or life threatening illness or condition" means an illness, disease, or condition that can reasonably be expected to result in death in thirty-six (36) months or less.(3) "Commissioner" means the commissioner of the department of insurance.(4) "Disclosure form" means a document containing the disclosures required by IC 27-8-19.8-23 and this rule.(5) "Life expectancy" means the 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 the viatical settlement provider or a third party considering medical records and appropriate experiential data.(6) "Net death benefit" means the amount of the life insurance policy or certificate to be viaticated less any outstanding debts or liens.(7) "Viatical settlement broker" means a person that represents only the viator and, for a fee, commission, or other valuable consideration, solicits, offers, or attempts to negotiate a viatical settlement contract between a viator and one (1) or more viatical settlement providers.Department of Insurance; 760 IAC 1-61-2; filed Oct 20, 1999, 10:23 a.m.: 23 IR 577; readopted filed Nov 7, 2005, 10:50 a.m.: 29 IR 896; readopted filed Nov 29, 2011, 9:14 a.m.: 20111228-IR-760110553RFAReadopted filed 11/6/2017, 1:06 p.m.: 20171206-IR-760170354RFAReadopted filed 11/13/2023, 10:12 a.m.: 20231213-IR-760230631RFA