Louisiana Administrative Code
Title 37 - INSURANCE Part
Part XIII - Regulations
Chapter 85 - Regulation 36-Universal Life Insurance Model Regulation
Section XIII-8503 - Definitions
Current through Register Vol. 50, No. 9, September 20, 2024
A. As used in Regulation 36:
Cash Surrender Value- the Net Cash Surrender Value plus any amounts outstanding as policy loans.
Commissioner- the Insurance Commissioner of this state.
Fixed Premium Universal Life Insurance Policy- a universal life insurance policy other than a flexible premium universal life insurance policy.
Flexible Premium Universal Life Insurance Policy- 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.
Interest-Indexed Universal Life Insurance Policy- any universal life insurance policy where the interest credits are linked to an external referent.
May- is permissive.
Net Cash Surrender Value- the maximum amount payable to the policyowner upon surrender.
Policy Value- the amount to which separately identified interest credits and mortality, expense, or other charges are made under a universal life insurance policy.
Shall- is mandatory.
Universal Life Insurance Policy- any individual 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, such as charges for the cost of benefits provided by rider.
AUTHORITY NOTE: Promulgated in accordance with Title 22, Section 2 and Title 36, Section 682 of the Insurance Laws of the State of Louisiana.
