Pennsylvania Code › Title 31 - INSURANCE › Part VIII - Miscellaneous Provisions › Chapter 146d - MILITARY SALES PRACTICES › Section 146d.3 - Definitions

Current through Register Vol. 54, No. 28, July 13, 2024
The following words and terms, when used in this chapter,
				  have the following meanings, unless the context clearly indicates otherwise:
Active duty
-
(i) Full-time duty in the United States Armed
				Forces.
(ii) The term includes
				full-time duty or training in the National Guard or Reserve components of the
				United States Armed Forces if serving under published orders for a period of
				more than 31-calendar days.
Commissioner
-The Insurance Commissioner of
				  the Commonwealth.
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 that
				  promotes the concept of insurance, the insurer or the insurance producer.
Insurer
-A life insurance company required to
				  be licensed under section 202 of The Insurance Company Law of 1921
				  (40
				  P. S. §
										382), or a fraternal benefit
				  society required to be licensed under Article XXIV of The Insurance Company Law
				  of 1921 (40 P. S. §§
										991.2401-991.2466), known as the Fraternal
				  Benefit Societies Code, to provide life insurance products, including
				  annuities.
Insurance producer
-A person who sells,
				  solicits or negotiates contracts of insurance as defined in section 601-A of
				  The Insurance Department Act of 1921 (40 P. S. §
										310.1).
Life insurance
-
(i) 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.
(ii) The term includes
				individually issued annuities unless specifically excluded.
Military installation
-A 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 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.
Premium deposit fund
-Amounts paid in and
				  held for payments of future contractual obligations of policyholders or
				  contractholders under an individual life insurance policy or an individual
				  annuity contract.
Service member
-A commissioned or warrant
				  active duty officer or enlisted member of the United States Armed
				  Forces.
Side fund
-
(i) 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.
(ii) The term does not include the following:
(A) The accumulated value, cash value or
				secondary guarantee provided by a universal life policy.
(B) A cash value provided by a whole life
				policy that is subject to standard nonforfeiture law for life
				insurance.
(C) A premium deposit
				fund that meets the following requirements:
(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.
(V) Does not carry a commission, either paid
				or calculated.