Utah Administrative Code
Topic - Insurance
Title R590 - Administration
Rule R590-251 - Preneed Life Insurance Minimum Standards to Determine Reserve Liabilities and Nonforfeiture Values
Section R590-251-3 - Definitions
Universal Citation: UT Admin Code R 590-251-3
Current through Bulletin 2024-06, March 15, 2024
Terms used in this rule are defined in Section 31A-1-301. Additional terms are defined as follows:
(1)
(a) "2001 CSO Mortality Table" means the
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
NAIC in December 2002.
(b)
Unless otherwise indicated, the "2001 CSO Mortality Table" includes:
(i) the ultimate form of the
table;
(ii) the select and ultimate
form of the table;
(iii) the smoker
and nonsmoker mortality tables;
(iv) the composite mortality tables;
and
(v) the age-nearest-birthday
and age-last-birthday bases of the mortality tables.
(2) "Goods and services" include embalming, cremation, body preparation, viewing or visitation, coffin or urn, memorial stone, and transportation of the deceased.
(3)
(a)
"Preneed insurance " means a life insurance policy or certificate that is
issued in combination with a prearrangement agreement for goods and services
provided at the time of or immediately following the death of the insured.
(b) The status of the policy or
contract as preneed insurance is determined at the time of issue .
(4) "Ultimate 1980 CSO" means the Commissioners' 1980 Standard Ordinary Life Valuation Mortality Tables without 10-year selection factors, incorporated into the 1980 amendments to the NAIC Standard Valuation Law approved in December 1983.
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