California Code of Regulations
Title 10 - Investment
Chapter 5 - Insurance Commissioner
Subchapter 3 - Insurers
Article 12.4 - Valuation of Universal Life Insurance Policies
Section 2544.2 - Definitions
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
As used in these regulations:
(a) "Universal Life Insurance Policy" means any individual or group life insurance policy under the provisions of which separately identified interest credits (other than in connection with dividend accumulations, premium deposit funds, or other supplementary accounts) and mortality and expense charges are made to the policy. A universal life insurance policy may provide for other credits and charges for the cost of benefits provided by rider;
(b) "Flexible Premium Universal Life Insurance Policy" means a universal life insurance policy which permits the policyowner to vary, independently of each other, the amount or timing of one or more premium payments or the amount of insurance;
(c) "Fixed Premium Universal Life Insurance Policy" means a universal life insurance policy other than a flexible premium universal life insurance policy;
(d) "Net Cash Surrender Value" means the maximum amount payable to the policyowner upon surrender;
(e) "Cash Surrender Value" means the net cash surrender value plus any amounts outstanding as policy loans;
(f) "Policy Value" means the amount to which separately identifiable interest credits and mortality, expense, or other charges are made under a universal life insurance policy.
1. New section
filed 10-17-91; operative 11-18-91 (Register 92, No. 3).
2. Amendment of
NOTE filed 3-22-2016; operative 7-1-2016 (Register 2016, No.
13).
Note: Authority cited: Sections 720, 790.10, 10489.93, 12921 and 12926, Insurance Code. Reference: Section 10489.93, Insurance Code.
