New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter III - Policy and Certificate Provisions
Subchapter A - Life, Accident and Health Insurance
Part 46 - Unemployment Lapse Protection Benefit For Life Insurance
Section 46.3 - Definitions

Universal Citation: 11 NY Comp Codes Rules and Regs ยง 46.3

Current through Register Vol. 46, No. 39, September 25, 2024

As used in this Part, the following terms shall have the following meanings:

(a) Coverage delay period means the amount of time from the effective date of coverage that unemployment is not covered.

(b) Employment means any service:

(1) for remuneration or wages; or

(2) under any contract of employment for hire, express or implied, written or oral; including service as a commissioned salesperson, service outside of this State including locations in a foreign country, agricultural labor, railroad service, and maritime service. The policy definition of employment may allow for any of the exclusions in section 511 of the Labor Law, other than the exclusions included in the Labor Law to prevent simultaneous payment of unemployment benefits from more than one governmental source.

(c) Identifiable charge means the amount the insurer collects from the policyholder and/or certificateholder specifically for an unemployment lapse protection benefit.

(d) Noncontributory coverage shall mean coverage where the premium is paid solely by the employer. Salary reduction contributions are regarded as employee contributions.

(e) Policy means an individual life insurance policy, group life insurance policy or certificate, fraternal benefit society certificate, or any rider/endorsement issued in connection with a policy or certificate.

(f) Unemployment means the lack of any employment or a reduction in hours of employment and/or income as specified in the policy and certificate form.

(g) Waiting period means the amount of time the insured is unemployed before benefits are payable.

(h) Waiver of charges benefit means a benefit that allows for the coverage to remain in force without the deduction from the policy's value of some or all of the required periodic charges.

(i) Waiver of premium benefit means a benefit that allows for the coverage to remain in force without otherwise required premiums being paid.

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