North Dakota Administrative Code
Title 45 - Insurance, Commissioner of
Article 45-04 - Life Insurance
Chapter 45-04-07.3 - Pre-Need Life Insurance Minimum Standards for Determining Reserve Liabilities and Nonforfeiture Values
Section 45-04-07.3-01 - Definitions

Universal Citation: ND Admin Code ยง 45-04-07.3-01
Current through Supplement No. 394, October, 2024

1. "2001 CSO mortality table" means that mortality table, consisting of separate rates of mortality for male and female lives, developed by the American academy of actuaries CSO task force from the valuation basic mortality table developed by the society of actuaries individual life insurance valuation mortality task force, and adopted by the national association of insurance commissioners in December 2002. The 2001 CSO mortality table is included in the proceedings of the national association of insurance commissioners (second quarter 2002). Unless the context indicates otherwise, the "2001 CSO mortality table" includes both the ultimate form of that table and the select and ultimate form of that table and includes both the smoker and nonsmoker mortality tables and the composite mortality tables. It also includes both the age-nearest-birthday and age-last-birthday bases of the mortality tables.

2. "Ultimate 1980 CSO" means the commissioners' 1980 standard ordinary life valuation mortality tables (1980 CSO) without ten-year selection factors, incorporated into the 1980 amendments to the national association of insurance commissioners standard valuation law approved in December 1983.

3. For the purposes of this chapter, pre-need life insurance is any life insurance policy or certificate that is issued in combination with, in support of, with an assignment to, or as a guarantee for a prearrangement agreement for goods and services to be provided at the time of and immediately following the death of the insured. Goods and services may include embalming, cremation, body preparation, viewing or visitation, coffin or urn, memorial stone, and transportation of the deceased. The status of the policy or contract as pre-need life insurance is determined at the time of issue in accordance with the policy form filing.

General Authority: NDCC 28-32-02

Implemented: NDCC 26.1-35-02

Disclaimer: These regulations may not be the most recent version. North Dakota may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.