Rules & Regulations of the State of Tennessee
Title 0780 - Commerce and Insurance
Subtitle 0780-01 - Insurance Division
Chapter 0780-01-71 - Life Settlements
Section 0780-01-71-.02 - DEFINITIONS
Universal Citation: TN Comp Rules and Regs 0780-01-71-.02
Current through September 24, 2024
(1) In addition to the definitions in T.C.A. § 56-50-102, the following definitions apply to this regulation:
(a)
"Advertising" means any written, electronic or printed communication or any
communication by means of recorded telephone messages or transmitted on radio,
television, the Internet or similar communications media, including film
strips, motion pictures and videos, published, disseminated, circulated or
placed before the public, directly or indirectly, for the purpose of creating
an interest in or inducing a person to sell a life insurance policy pursuant to
a life settlement contract.
(b)
"Business of life settlements" means any activity involved in, but not limited
to, the offering, solicitation, negotiation, procurement, effectuation,
purchasing, financing, monitoring, tracking, underwriting, selling,
transferring, assigning, pledging, hypothecating or in any other manner, of
life settlement contracts.
(c)
"Chronically ill" means:
1. Being unable to
perform at least two (2) activities of daily living (i.e., eating, toileting,
transferring, bathing, dressing or continence);
2. Requiring substantial supervision to
protect the individual from threats to health and safety due to severe
cognitive impairment; or
3. Having
a level of disability similar to that described in 1. above as determined by
the Secretary of Health and Human Services;
(d) "Commissioner" means the Commissioner of
Commerce and Insurance.
(e)
"Identifying information" means an owner's or insured's 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 owner or insured;
(f) "Insured" means the person covered under
the policy being considered for settlement;
(g) "Life expectancy" means the mean of the
number of months the individual insured under the life insurance policy to be
settled can be expected to live as determined by the life settlement provider
considering medical records and appropriate experiential data;
(h) "Net death benefit" means the amount of
the life insurance policy or certificate to be settled less any outstanding
debts or liens; and
(i) "Terminally
ill" means having an illness or sickness that can reasonably be expected to
result in death in twenty-four (24) months or less.
Authority: T.C.A. § 56-50-110.
Disclaimer: These regulations may not be the most recent version. Tennessee 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.
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