Wis. Admin. Code Office of the Commissioner of Insurance Ins 23.10

Current through October 28, 2024

Section Ins 23.10 - Definitions

In this chapter:

(1) "Advertisement" has the meaning given in s. Ins 2.16(3) (a) 1.

(2) "Consideration" means remuneration of any kind including, but not limited to, commission payments, cash, services, benefits, bonuses, goods or the benefit of marketing efforts.

(3) "Cumulative premiums" means all sums paid as consideration, net of dividends paid in cash in an orderly progression, for the coverage during the first 10 years of the policy, excluding amounts which are designated in the policy or certificate as providing for annuity benefits.

(4) "Funeral director" has the meaning given in s. 445.01(5), Stats.

(5) "Funeral establishment" has the meaning given in s. 445.01(6), Stats.

(6) "Funeral policy" means a life insurance or annuity policy sold for the purpose of funding a prearranged funeral plan which is sold by an insurance intermediary who is the authorized and appointed agent of the funeral director or funeral establishment providing the prearranged funeral plan.

(7) "Prearranged funeral plan" has the meaning given in s. 445.125(3m) (a) 2, Stats.

(8) "Solicitation" means offering a policy for sale by telephone or personal contact or by written or printed communication at any location including the insurance intermediary's regular place of business.

Wis. Admin. Code Office of the Commissioner of Insurance Ins 23.10

Cr. Register, July, 1997, No. 499, eff. 10-1-97.