Illinois Administrative Code › Title 50 - INSURANCE › Part 2605 - MILITARY SALES PRACTICES › Section 2605.40 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
For purposes of this Part:
Active Duty means full-time duty in the active military service
				of the United States and includes members of the reserve component (National
				Guard and Reserve) while serving under published orders for active duty or
				full-time training. The term does not include members of the reserve component
				who are performing active duty or active duty for training under military calls
				or orders specifying periods of less than 31 calendar days.
Code means the Illinois Insurance Code [ 215 ILCS 5 ].
Department means the Department of Insurance.
Department of Defense (DoD) Personnel means all active duty
				service members and all civilian employees, including nonappropriated fund
				employees and special government employees, of the Department of
				Defense.
Door to Door means a solicitation or sales method whereby an
				insurance producer proceeds randomly or selectively from household to household
				without prior specific appointment.
Director means the Director of the Illinois Department of
				Insurance.
General Advertisement means an advertisement having as its sole
				purpose the promotion of the reader's or viewer's interest in the concept of
				insurance, or the promotion of the insurer or the insurance producer.
Insurer means an insurance company required to be licensed
				under the laws of this State to provide life insurance products, including
				annuities.
Insurance Producer means a person required to be
				licensed under the laws of this State to sell, solicit, or negotiate
				insurance.
[
				215
				ILCS 5/500-10 ]
Known or Knowingly means, depending on its use in this Part,
				the insurance producer or insurer had actual awareness, or, in the exercise of
				ordinary care, should have known, at the time of the act or practice complained
				of, that the person solicited is a service member or is a service member with a
				pay grade of E-4 or below.
Life Insurance means insurance coverage on human lives,
				including benefits of endowment and annuities, and may include benefits in the
				event of death or dismemberment by accident and benefits for disability income
				and, unless otherwise specifically excluded, includes individually issued
				annuities.
Military Installation means any federally owned, leased, or
				operated base, reservation, post, camp, building, or other facility to which
				service members are assigned for duty, including barracks, transient housing,
				and family quarters.
MyPay is a Defense Finance and Accounting Service (DFAS)
				web-based system that enables service members to process certain discretionary
				pay transactions or provide updates to personal information data elements
				without using paper forms.
Service Member means any active duty officer (commissioned and
				warrant) or enlisted member of the United States Armed Forces.
Side Fund means a fund or reserve that is part of or otherwise
				attached to a life insurance policy (excluding individually issued annuities)
				by rider, endorsement or other mechanism that accumulates premium or deposits
				with interest or by other means. The term does not include:
accumulated value or cash value or secondary guarantees
				provided by a universal life policy;
cash values provided by a whole life policy that are subject to
				standard nonforfeiture law for life insurance; or
a premium deposit fund that:
contains only premiums paid in advance that accumulate at
				interest;
imposes no penalty for withdrawal;
does not permit funding beyond future required premiums;
is not marketed or intended as an investment; and
does not carry a commission, either paid or calculated.
Specific Appointment means a prearranged appointment agreed
				upon by both parties and definite as to place and time.
United States Armed Forces means all components of the Army,
				Navy, Air Force, Marine Corps, and Coast Guard.