Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 125 - Regulation 92- Military Sales Practices › Section XIII-12509 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
A. For the purposes
				of this regulation the following terms shall have the meaning ascribed herein,
				unless the context clearly indicates otherwise.
Active Duty
- 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 (DOD) Personnel
- 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
- a solicitation or sales method
				  whereby an insurance producer proceeds randomly or selectively from household
				  to household without prior specific appointment.
General Advertisement
- 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
- an insurance company required to be
				  licensed under the laws of this state to provide life insurance products,
				  including annuities.
Insurance Producer
- a person required to be
				  licensed under the laws of this state to sell, solicit or negotiate life
				  insurance, including annuities.
Known or Knowingly
- 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:
a. is a service member; or
b. is a service member with a pay grade of E-4 or
				  below.
Life Insurance
- 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
- 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
- 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
- any active duty officer
				  (commissioned and warrant) or enlisted member of the United States Armed
				  Forces.
Side Fund
- 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 which accumulates premium
				  or deposits with interest or by other means. The term does not include:
a. accumulated value or cash value or secondary guarantees
				  provided by a universal life policy;
b. cash values provided by a whole life policy which are
				  subject to standard nonforfeiture law for life insurance; or
c. a premium deposit fund which:
i. contains only premiums paid in advance which accumulate at
				  interest;
ii. imposes no penalty for withdrawal;
iii. does not permit funding beyond future required
				  premiums;
iv. is not marketed or intended as an investment; and
v. does not carry a commission, either paid or
				  calculated.
Specific Appointment
- a prearranged
				  appointment agreed upon by both parties and definite as to place and
				  time.
United States Armed Forces
- all components
				  of the Army, Navy, Air Force, Marine Corps, and Coast Guard.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.22:3,
				  22:1211,
				  22:1214; and
				  the Administrative Procedure Act,
				  R.S.
				  49:950 et
				  seq.