Fla. Admin. Code Ann. R. 69O-150.103 - Definitions
For the purpose of these rules, the terms below are defined as follows:
(1) An "Advertisement"
includes any method of communication listed in Sections 626.9541(1)(b)1.
through 4., F.S.
(2) The definition
of "Advertisement" does not include:
(a)
Material to be used solely for the training and education of an insurer's
employees, agents, or brokers;
(b)
Material used exclusively in-house by insurers;
(c) Communications within an insurer's own
organization not intended for dissemination to the public;
(d) Individual communications of a personal
nature with current policyholders regarding existing coverage other than
material urging such policyholders to renew, increase or expand
coverages;
(e) Correspondence
between a prospective group policyholder and an insurer in the course of
negotiating a group contract;
(f)
Court approved material ordered by a court to be disseminated to policyholders;
or
(g) A general announcement from
a group policyholder to eligible individuals on an employment or membership
list which may include a brief description of coverage and is primarily a
notification that a contract or program has been written or arranged; provided,
the announcement must clearly indicate that it is preliminary to the issuance
of a booklet, pamphlet, brochure or other similar paper preliminary to coverage
by the insurer.
(3)
"Application" means the form which must be filled in by the person seeking to
effectuate an insurance policy.
(4)
"Application Period" also includes any enrollment period.
(5) "Certificate" means any certificate
issued under a group Life Insurance and Annuity Contract which certificate has
been delivered or issued for delivery in this State.
(6) "Exception" means any provision in a
policy whereby coverage for a specified hazard is entirely eliminated; it is a
statement of a risk not assumed under the policy.
(7) "Institutional Advertisement" means an
advertisement having as its sole purpose the promotion of the readers',
viewers' or listeners' interest in the concept of Life Insurance and Annuity
Contracts or the promotion of the insurer as a seller of Life Insurance and
Annuity Contracts.
(8) "Insurer"
includes any individual, corporation, association, partnership, reciprocal
exchange, inter-insurer, Lloyds, fraternal benefit society, and any other legal
entity which is defined as an "insurer" in the Insurance Code of this
state.
(9) "Invitation to Contract"
means an advertisement which is neither an institutional advertisement nor an
invitation to inquire, and shall include any training or agent education
materials when received by a prospective policyholder when such distribution
was intended by the insurer for consumer use or distribution to the public
regardless of any "agent use only" disclaimer language appearing on such
materials.
(10)
(a) "Invitation to Inquire" means an
advertisement that:
1. Has as its objective
the creation of a desire to inquire further about life insurance and annuity
contracts;
2. Is limited to a brief
description of coverage that shall include only:
a. A brief description of the loss for which
benefits are payable;
b. The dollar
amount of benefits payable; and,
c.
The period of time during which benefits are payable; and,
3. Contains a provision in the following or
substantially similar form: "This policy has (exclusions) (limitations)
(reductions of benefits) (terms under which the policy may be continued in
force or discontinued). For costs and complete details of the coverage call (or
write) your insurance agent or the company." (whichever is
applicable)
(b) An
invitation to inquire shall not:
1. Employ
devices that are designed to create undue anxiety;
2. Exaggerate the value of the benefits
available under the advertised policy;
3. State premium cost. If an advertisement
which would otherwise be considered an invitation to inquire does state a cost,
it shall be considered an invitation to contract pursuant to this rule chapter;
or
4. Otherwise violate these rules
or the Insurance Code.
(11) "Life insurance policy and annuity
contract" includes any policy, plan, certificate, contract, agreement,
statement of coverage, rider or endorsement which provides for life insurance
or annuity contract benefits, or a combination thereof.
(12) "Limitation" means any provision which
restricts coverage under the policy other than an exception or a
reduction.
(13) "Person" means any
natural person, association, organization, partnership, trust, group,
discretionary group, corporation or any other entity.
(14) "Reduction" means any provision which
reduces the amount of the benefit; this term includes a situation where a risk
of loss is assumed, but payment upon the occurrence of such loss is limited to
some amount or period less than would be otherwise payable had such reduction
not been used.
Notes
Rulemaking Authority 624.308(1), 626.9611, 627.805 FS. Law Implemented 624.307(1), 626.9541(1)(a), (b), (e), (g), (k), (l), 626.9641(1), 626.99, 627.460 FS.
New 9-1-73, Formerly 4-35.03, Amended 6-12-88, 2-26-92, Formerly 4-35.003, Amended 5-27-96, 1-4-00, Formerly 4-150.103.
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