Iowa Administrative Code › Agency 191 - Insurance Division › Property and Casualty Insurance › Chapter 25 - Military Sales Practices › Rule 191-25.4 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
For purposes of this chapter, the following definitions shall
				  apply.
"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.
"Department of Defense personnel"
or
"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.
"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.
"Insurance producer"
means the same as
				  defined in Iowa Code section
				  522B.1.
"Insurer"
means the same as defined in Iowa
				  Code section 522B.1.
"Known"
or
"knowingly"
means, depending on its use herein, 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:
1. Is a service member; or
2. 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:
1. Accumulated value or
				cash value or secondary guarantees provided by a universal life
				policy;
2. Cash values provided by
				a whole life policy that are subject to standard nonforfeiture law for life
				insurance; or
3. 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.