Section 0780-01-71-.02 - DEFINITIONS(1) In addition to the definitions in T.C.A. § 56-50-102, the following definitions apply to this regulation:(a) "Advertising" means any written, electronic or printed communication or any communication by means of recorded telephone messages or transmitted on radio, television, the Internet or similar communications media, including film strips, motion pictures and videos, published, disseminated, circulated or placed before the public, directly or indirectly, for the purpose of creating an interest in or inducing a person to sell a life insurance policy pursuant to a life settlement contract.(b) "Business of life settlements" means any activity involved in, but not limited to, the offering, solicitation, negotiation, procurement, effectuation, purchasing, financing, monitoring, tracking, underwriting, selling, transferring, assigning, pledging, hypothecating or in any other manner, of life settlement contracts.(c) "Chronically ill" means:1. Being unable to perform at least two (2) activities of daily living (i.e., eating, toileting, transferring, bathing, dressing or continence);2. Requiring substantial supervision to protect the individual from threats to health and safety due to severe cognitive impairment; or3. Having a level of disability similar to that described in 1. above as determined by the Secretary of Health and Human Services;(d) "Commissioner" means the Commissioner of Commerce and Insurance.(e) "Identifying information" means an owner's or 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 owner or insured;(f) "Insured" means the person covered under the policy being considered for settlement;(g) "Life expectancy" means the mean of the number of months the individual insured under the life insurance policy to be settled can be expected to live as determined by the life settlement provider considering medical records and appropriate experiential data;(h) "Net death benefit" means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens; and(i) "Terminally ill" means having an illness or sickness that can reasonably be expected to result in death in twenty-four (24) months or less.Tenn. Comp. R. & Regs. 0780-01-71-.02
Original rule filed February 7, 2003; effective April 23, 2003.Authority: T.C.A. § 56-50-110.