Florida Administrative Code
69 - DEPARTMENT OF FINANCIAL SERVICES
69B - Division of Insurance Agent and Agency Services
Chapter 69B-151 - REQUIREMENTS FOR REPLACEMENT OF LIFE AND HEALTH COVERAGE
Section 69B-151.003 - Other Definitions
Current through Reg. 50, No. 187; September 24, 2024
(1) "Existing Insurer" means the insurance company whose policy is or will be changed or terminated in such a manner as described within the definition of "replacement."
(2) "Existing Life Insurance" means any life insurance in force including life insurance under a binding or conditional receipt or a life insurance policy that is within an unconditional refund period, but excluding life insurance obtained through the exercise of a dividend option.
(3) "Replacing Insurer" means the insurance company that issues a new policy which is a replacement of existing life insurance.
(4) 'Sales Proposal" means individualized, written sales aids of all kinds, which are used by an insurer or agent in comparing existing life insurance to proposed life insurance in order to recommend the replacement or conservation of existing life insurance. Sales aids of a generally descriptive nature, which are maintained in the insurer's advertising compliance file, shall not be considered a Sales Proposal within the meaning of this definition.
(5) "Life Insurance" shall include annuities, tax sheltered annuities or life insurance policies which qualify under the definition of tax sheltered annuities.
Rulemaking Authority 624.308, 626.9611, 626.9641 FS. Law Implemented 624.307(1), 626.9521, 626.9541, 626.9641 FS.
New 7-9-81, Amended 2-2-83, Formerly 4-24.12, 4-24.012, 4-150.003, Amended 12-31-15.
