# COMAR Title 31 — Maryland Insurance Administration

## Subtitle 15 — Unfair Trade Practices

### Chapter 03 — Life Insurance Disclosure

#### Regulation .02 Definitions.

*COMAR 31.15.03.02*

A. In this chapter, the following terms have the meanings indicated.

B. Terms Defined.

  (1) “Buyer's guide” means the most current version of the Life Insurance Buyer's Guide adopted by the National Association of Insurance Commissioners (NAIC).

  (2) “Carrier” means:

    (a) An insurer; or

    (b) A fraternal benefit society.

  (3) “Current scale of nonguaranteed elements” means a formula or other mechanism that produces values for an illustration as if there is no change in the basis of those values after the time of illustration.

  (4) “Element” means any of the following:

    (a) A premium;

    (b) A credited interest rate, including any bonus;

    (c) A benefit;

    (d) A value;

    (e) A non-interest-based credit;

    (f) A charge; and

    (g) Any item in a formula used to determine any of the items listed in §B(4)(a)—(f) of this regulation.

  (5) “Generic name” means a short title that is descriptive of the premium and benefit patterns of a policy or a rider.

  (6) Nonguaranteed Element.

    (a) “Nonguaranteed element” means an element that is subject to carrier discretion and not guaranteed at issue.

    (b) “Nonguaranteed element” includes any element calculated using a nonguaranteed element.

  (7) “Policy data” means a display or schedule of numerical values, both guaranteed and nonguaranteed for each policy year, or a series of designated policy years, of the following information:

    (a) Illustrated annual, other periodic, and terminal dividends;

    (b) Premiums;

    (c) Death benefits;

    (d) Cash surrender values; and

    (e) Endowment benefits.

  (8) “Policy summary” means a written statement describing the elements of the policy.

  (9) “Preneed funeral contract or prearrangement” means an agreement by or for an individual before that individual's death relating to the purchase or provision of specific funeral or cemetery merchandise or services.