Oregon Administrative Rules
Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION
Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES
Section 836-051-0755 - Definitions
Current through Register Vol. 63, No. 12, December 1, 2024
As used in OAR 836-051-0750 to 836-051-0775:
(1) "Preneed insurance" is any life insurance policy 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, but are not limited to embalming, cremation, body preparation, viewing or visitation, coffin or urn, memorial stone, and transportation of the deceased. The status of the policy as preneed insurance is determined at the time of issue in accordance with the policy form filing.
(2) "Ultimate 1980 CSO" means the 1980 Commissioners' Standard Ordinary Life Valuation Mortality Tables (1980 CSO) without ten-year (10-year) selection factors, incorporated into the 1980 amendments to the NAIC Standard Valuation Law approved in December 1983.
Stat. Authority: ORS 731.244, 733.306, 743.205
Stats. Implemented: ORS 733.306, 733.310, 743.215, 743.216, 743.221