Connecticut Administrative Code
Title 38a - Insurance Department
433 - Variable Life Insurance
Modified Guaranteed Life Insurance
Section 38a-433-23 - Definitions

(a) "Modified Guaranteed Life Insurance Policy" means an individual policy of life insurance, the underlying assets of which are held in a separate account, and the values of which are guaranteed if held for specified periods. It contains nonforfeiture values that are based upon a market value adjustment formula if held for shorter periods. The formula may, or may not, reflect the value of assets held in the separate account. The assets underlying the policy must be in a separate account during the period, or periods, when the policyholder can surrender the policy.

(b) "Agent" has the same meaning as provided in section 38a-702a of the Connecticut General Statutes.

(c) "Interest Credits" means all interest that is credited to the policy.

(d) "Commissioner" means the Insurance Commissioner of this state.

(e) "Person" means an individual, corporation, partnership, association, trust, or fund.

(f) "Separate account" means a separate account established pursuant to Section 38a-433 of the Connecticut General Statutes or pursuant to the corresponding Section of the Insurance Laws of the state of domicile of a foreign or alien insurer.

(g) "Policy processing day" means the day on which charges authorized in the policy are deducted from the policy's cash value.

(h) "Unadjusted cash value" is the cash value before application of the market value adjustment formula and any surrender charge contained in the policy.