SECTION 365:10-5-101. Definitions

(a)   "Accelerated benefits" covered under this regulation are benefits payable under a life insurance contract:

(1)   To a policyowner or certificateholder, during the lifetime of the insured, in anticipation of death or upon the occurrence of specified life-threatening or catastrophic conditions as defined by the policy or rider; and

(2)   Which reduce the death benefit otherwise payable under the life insurance contract; and

(3)   Which are payable upon the occurrence of a single qualifying event which results in the payment of a benefit amount fixed at the time of acceleration.

(b)   "Qualifying event" shall mean one or more of the following:

(1)   A medical condition which would result in a drastically limited life span; or

(2)   Any condition which usually requires continuous confinement in an eligible institution as defined in the contract if the insured is expected to remain there for the rest of his or her life; or

(3)   Other qualifying events which the Commissioner shall approve for any particular filing.

[Source: Added at 9 Ok Reg 2493, eff 6-26-92; Amended at 10 Ok Reg 1473, eff 5-1-93; Amended at 15 Ok Reg 3220, eff 7-13-98; Amended at 24 Ok Reg 2306, eff 7-14-07]