Section R590-79-3 - DefinitionsTerms used in this rule are defined in Section 31A-1-301 and Rule R590-177. Additional terms are defined as follows:
(1) "Buyer's guide" means a document that contains, and is limited to, the language contained in the "Life Insurance Buyer's Guide," as adopted and periodically amended by the National Association of Insurance Commissioners.(2) "Current scale of nonguaranteed elements" means a formula or other mechanism that produces values for an illustration as if there is no change in the basis of those values after the time of illustration.(3) "Generic name" means a short title that describes the premium and benefit patterns of a policy or a rider, such as "whole life", "term life", or "flexible premium adjustable life".(4)(a) "Nonguaranteed element" means any premium, credited interest rate including any bonus, benefit, value, non-interest based credit, charge, or element of a formula used to determine any of these that are subject to company discretion and are not guaranteed at issue.(b) An element is considered nonguaranteed if any underlying nonguaranteed element is used in its calculation.(5) "Policy data" means a display or schedule of numerical values, both guaranteed and nonguaranteed, for each policy year or a series of designated policy years of the following information: (a) illustrated annual, other periodic, and terminal dividends;(d) cash surrender values; and(6) "Policy summary" means a written statement describing only the guaranteed elements of the policy. (7) "Preneed funeral contract" and "prearrangement" each mean an agreement by or for an individual before that individual's death relating to the purchase or provisions of specific funeral or cemetery merchandise or services.Utah Admin. Code R590-79-3
Amended by Utah State Bulletin Number 2021-24, effective 12/9/2021