Illinois Administrative Code › Title 50 - INSURANCE › Part 909 - ADVERTISING AND SALES PROMOTION OF LIFE INSURANCE AND ANNUITIES › Section 909.20 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
For the purpose of this Part:
"Advertisement" does not include:
Communications or materials used within an insurer's own
				organization and not intended for dissemination to the public;
Communications with policyholders other than material urging
				policyholders to purchase, increase, modify, reinstate or retain a
				policy;
A general announcement from a group or blanket policyholder to
				eligible individuals on an employment or membership list that a policy or
				program has been written or arranged, provided the announcement clearly
				indicates that it is preliminary to the issuance of a booklet explaining the
				proposed coverage.
"Advertisement" means material designed to create public
				interest in life insurance or annuities or in an insurer, or to induce the
				public to purchase, increase, modify, reinstate or retain a policy
				including:
Printed and published material, audio-visual material and
				descriptive literature of an insurer used in direct mail, newspapers,
				magazines, radio and television scripts, billboards and similar
				displays;
Descriptive literature and sales aids of all kinds issued by an
				insurer or agent, including but not limited to circulars, leaflets, booklets,
				depictions, illustrations and form letters;
Material used for the recruitment, training and education of an
				insurer's sales personnel, agents, solicitors and brokers that is designed to
				be used or is used to induce the public to purchase, increase, modify,
				reinstate or retain a policy;
Prepared sales talks, presentations and material for use by
				sales personnel, agents, solicitors and brokers.
"Code" means the Illinois Insurance Code [ 215 ILCS 5 ].
"Currently Payable Scale" means a scale of non-guaranteed
				elements in effect for a policy form as of the preparation date of the
				illustration, or declared to become effective within the next 95 days after the
				preparation date.
"Department" means the Department of Insurance.
"Director" means the Director of the Illinois Department of
				Insurance.
"Disciplined Current Scale" means a scale of non-guaranteed
				elements constituting a limit on illustrations currently being illustrated by
				an insurer that is reasonably based on actual recent historical experience, as
				certified annually by an illustration actuary designated by the insurer.
"Illustrated Scale" means a scale of non-guaranteed elements
				currently being illustrated for policies other than variable life insurance,
				individual and group annuity contracts, credit life insurance, or life
				insurance policies and certificates with guaranteed death benefits of $10,000
				or less, or illustrated death benefits less than $15,000, that is not more
				favorable to the policy owner than the lesser of:
The disciplined current scale; or
The currently payable scale.
"Insurer" includes any organization or person that issues life
				insurance or annuities to residents of this State.
"Non-guaranteed Elements" means premiums, benefits, values,
				credits or charges under a policy of life insurance that are not guaranteed or
				not determined at issue.
"Policy" includes any policy, plan, certificate, contract,
				agreement, statement of coverage, rider or endorsement that provides for life
				insurance or annuity benefits.
"Preneed Funeral Contract" or "Prearrangement" means an
				arrangement by or for an individual before the individual's death relating to
				the purchase or provision of specific funeral or cemetery merchandise or
				services.