§ 84c.3. Definitions.
The following words and terms, when used in this chapter, have the following meanings, unless the context clearly indicates otherwise:
Act—The Insurance Department Act of 1921 (40 P. S. § § 1—321).
Appointed actuary—The actuary as defined in § 84b.4 (relating to definitions).
Basic reserves—Reserves calculated in accordance with section 301 of the act (40 P. S. § 71).
Commissioner—The Insurance Commissioner of the Commonwealth.
Deficiency reserves—The excess, if greater than zero, of minimum reserves calculated in accordance with section 303 of the act (40 P. S. § 73) over basic reserves.
Guaranteed gross premiums—The premiums under a policy of life insurance that are guaranteed and determined at issue.
Maximum valuation interest rates—The interest rates defined in section 301(c)(2) of the act that are to be used in determining the minimum standard for the valuation of life insurance policies.
NAIC—The National Association of Insurance Commissioners.
1980 CSO valuation tables—The Commissioners’ 1980 Standard Ordinary Mortality Table without 10-year selection factors, adopted in section 301(c)(1) of the act and the smoker and nonsmoker variations of the table adopted in § 84.6 (relating to 1980 CSO and 1980 CET smoker and nonsmoker mortality tables).
Scheduled gross premium—The smallest illustrated gross premium at issue for other than universal life insurance policies. For universal life insurance policies, the term means the smallest specified premium described in § 84c.7(a)(3) (relating to minimum valuation standard for universal life insurance policies that contain provisions resulting in the ability of a policyowner to keep a policy in force over a secondary guarantee period), if any, or else the minimum premium described in § 84c.7(a)(4).
Tabular cost of insurance—The net single premium at the beginning of a policy year for 1-year term insurance in the amount of the guaranteed death benefit in that policy year.
10-year select mortality factors—The select mortality factors adopted in section 301(c)(1) of the act.
Universal life insurance policy—An individual life insurance policy under the provisions of which separately identified mortality and expense charges and interest credits other than in connection with dividend accumulations, premium deposit funds or other supplementary accounts are made to the policy.
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