Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 27 - Military Sales Practices Regulation › Section 365:25-27-5 - Definitions

Current through Vol. 41, No. 20, July 1, 2024
The following words and terms, when used in this Subchapter
				  shall have the following meaning, unless the context clearly indicates
				  otherwise:
"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 (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 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 life
				  insurance, including annuities.
"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:
(A) is a service member; or
(B) 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 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"
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.
Added at 25 Ok Reg 58,
				  eff 8-13-07 (emergency); Added at 25 Ok Reg 1660, eff
				  7-14-08