Wisconsin Administrative Code
Office of the Commissioner of Insurance
Chapter Ins 6 - General
Section Ins 6.75 - Classifications of insurance
Universal Citation: WI Admin Code ยง Ins 6.75
Current through August 26, 2024
This rule defines and delimits lines and classes of insurance for any purposes within the commissioner's regulatory power unless the language or context of a statute or rule otherwise provides.
(1) LIFE AND DISABILITY INSURANCE. Life and disability insurance includes the following:
(a) Life insurance and annuities - except
insurance or annuities included in par. (b), insurance or annuities upon the
lives of persons, and annuity contracts without life contingencies, as provided
in s.
632.66,
Stats.;
1. Credit life insurance - insurance
on the lives of borrowers or purchasers of goods in connection with specific
loans or credit transactions when all or a portion of the insurance is payable
to the creditor to reduce or extinguish the debt;
(b) Variable life insurance and variable
annuities - insurance or annuities which provide for immediate or future
benefits, the cost of which is funded and the payment of which is computed on
the basis of experience factors derived from one or more segregated investments
accounts established and managed as provided in ss.
611.24,
611.25,
and
620.02,
Stats.;
(c) Disability insurance -
insurance covering injury or death of persons caused by accident, or insurance
covering health of persons;
1. Credit accident
and sickness insurance - insurance in connection with specific loans or credit
transactions against loss of time of debtors resulting from accident or
sickness when all or a portion of the insurance is payable to the creditor to
reduce or extinguish the debt;
(2) PROPERTY AND CASUALTY INSURANCE. Property and casualty includes all lines or classes of insurance which may lawfully be the subject of insurance other than those classes defined in sub. (1) (a) or (b), including but not limited to the following:
(a) Fire, inland marine and other property
insurance - insurance against loss or damage to real and personal property,
while stationary or in transit, arising out of fire or any other peril but not
including any insurance defined in any other paragraph of this rule;
(b) Ocean marine insurance - insurance
against the perils of seas and other related perils usually insured against by
ocean marine insurance.
(c)
Disability insurance - insurance covering injury or death of persons caused by
accident, or insurance covering health of persons;
1. Credit accident and sickness insurance -
insurance in connection with specific loans or credit transactions against loss
of time of debtors resulting from accident or sickness when all or a portion of
the insurance is payable to the creditor to reduce or extinguish the
debt;
(d) Liability and
incidental medical expense (other than automobile) insurance - insurance
against liability for damages to persons or property, and incidental insurance
for medical expenses when written in the same policy, but not including any
liability insurance defined in other paragraphs of this rule;
(e) Automobile insurance - insurance against
loss, medical or other expense, and liability for damages arising out of the
ownership, maintenance or use of and automobile or other motor
vehicle;
(f) Fidelity insurance -
insurance against loss arising out of the acts or defaults of persons in
positions of trust, excluding commercial bail bond insurance except as a surety
under s.
345.61,
Stats.
(g) Surety insurance -
payment for loss arising out of failure to perform contracts or obligations,
excluding commercial bail bond insurance except as a surety under s.
345.61,
Stats.
(h) Title insurance -
insurance against loss by reason of defects in titles to property;
(i) Mortgage guaranty insurance - insurance
against loss arising from failure of:
1.
Debtors to meet financial obligations to creditors under evidences of
indebtedness which are secured by either:
a.
A first lien or charge on residential real estate designed for occupancy by not
more than four families; or
b.
i. A first lien or charge on residential real
estate designed for occupancy by 5 or more families; or
ii. A first lien or charge on real estate
designed for industrial or commercial purposes; or
c. A stock or membership certificate issued
to the tenant stockholders or resident members of a completed fee simple
cooperative housing corporation as defined in 26 U.S.C. s. 216(b) (1);
or
d. A junior lien or charge on
residential real estate.
2. Lessees to make payment of rentals under
leases of real estate in which the lease extends for 3 years or
longer.
(j) Credit
insurance - insurance against loss arising from failure of debtors to meet
financial obligations to creditors, except as defined in par. (i) 1. a., b.,
c., and 2.;
(k) Worker's
compensation insurance - insurance against obligations under ch. 102, Stats.,
or any similar law, and including employers' liability insurance when written
in the same policy;
(L) Legal
expense insurance - insurance against expense for the professional services of
licensed lawyers;
(m) Credit
unemployment insurance - insurance against loss of income of debtors resulting
from either labor disputes or involuntary unemployment;
(n) Miscellaneous - insurance against any
other property or casualty insurance risk which lawfully may be the subject of
insurance not specifically defined in any other paragraph of this
rule;
(o) Aircraft insurance -
insurance against loss, medical or other expense, and liability for damages
arising out of the ownership, maintenance or use of any aircraft.
Disclaimer: These regulations may not be the most recent version. Wisconsin 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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