11 NCAC 12 .1710             DEFINITIONS

(a)  The definitions contained in G.S. 58-58-205 apply to this Section.

(b)  The following definitions shall apply to this Section:

(1)           "Division" means the Life and Health Division of the Department of Insurance.

(2)           "Insured" means the person covered under the policy being considered for viatication.

(3)           "Life expectancy" means the mean of the number of months the individual insured under the life insurance policy to be viaticated can be expected to live as determined by the viatical settlement provider considering medical records and appropriate experiential data.

(4)           "Net death benefit" means the amount of the life insurance policy or certificate to be viaticated less any outstanding debts or liens.

(5)           "Patient identifying information" includes an insured's name, address, telephone number, facsimile number, electronic mail address, photograph or likeness, employer, employment status, or social security number.

History Note:        Authority G.S. 58-2-40; 58-58-300;

Temporary Adoption Eff. April 1, 2002;

Eff. April 1, 2003;

Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. May 1, 2018.