Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
031 - BUREAU OF INSURANCE
Chapter 931 - VIATICAL AND LIFE SETTLEMENTS
Section 031-931-4 - Definitions
Current through 2024-38, September 18, 2024
In addition to the definitions in 24-A M.R.S.A. §6802-A, the following definitions apply to this rule:
A. "Life Insurance" means insurance on human lives. For the purposes of this rule, life insurance does not include annuity contracts or variable life contracts or contracts granting endowment benefits.
B. "Insured" means the individual covered under the policy being considered for a settlement contract.
C. "Life expectancy" means the mean number of months the insured can be reasonably expected to live as determined by the settlement provider based on accepted actuarial and medical criteria, the insured's medical records and appropriate experiential data. For settlement contracts in which the insured is chronically ill or terminally ill, the settlement provider shall determine the insured's life expectancy by processes which include obtaining a written statement from the insured's licensed attending physician affirming that such insured is chronically ill or terminally ill.
D. "Net face amount" means the amount of the life insurance policy or certificate that is the subject of a settlement contract less any outstanding debts or liens.
E. "Patient identifying information" means an insured's name, address, telephone number, facsimile number, electronic mail address, photograph or likeness, employer, employment status, Social Security number, or any other information that is likely to lead to the identification of the insured.
