Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 27.00 - Military Sales Practices › Section 27.04 - Definitions

Current through Register 1525, July 5, 2024
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.
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.
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 the Commonwealth of Massachusetts to
				provide life insurance products, including annuities.
Insurance Producer
means a person
				required to be licensed under the laws of the Commonwealth of Massachusetts to
				sell, solicit or negotiate life insurance, including annuities.
Known
or
Knowingly
means, depending on its use, 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.
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 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:
1. contains only premiums paid in advance which accumulate at
				interest;
2. imposes no penalty for withdrawal;
3. does not permit funding beyond future required
				premiums;
4. is not marketed or intended as an investment; and
5. 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.