§ 44-8903 — Terms, defined

Nebraska § 44-8903

• Jurisdiction: Nebraska
• Ch. 44: Insurance

Text

For the purposes of the Standard Valuation
Act:
(1) Accident and health insurance
contract means a contract that incorporates morbidity risk and provides protection
against economic loss resulting from accident, sickness, or medical conditions
and as may be specified in the valuation manual;
(2) Appointed actuary means a qualified
actuary who is appointed in accordance with the valuation manual to prepare
the actuarial opinion required in sections 44-421 to 44-425 and 44-8905 ;
(3) Company means an entity
which has (a) written, issued, or reinsured life insurance contracts, accident
and health insurance contracts, or deposit-type contracts in this state and
has at least one such policy in force or on claim or (b) written, issued,
or reinsured life insurance contracts, accident and health insurance contracts,
or deposit-type contracts in any state and is required to hold a certificate
of authority to write life insurance, accident and health insurance, or deposit-type
contracts in this state;
(4)
Deposit-type contract means a contract that does not incorporate mortality
or morbidity risks and as may be specified in the valuation manual;
(5) Director means the Director
of Insurance;
(6)
Life insurance contract means a contract that incorporates mortality risk,
including annuity and pure endowment contracts, and as may be specified in
the valuation manual;
(7)
Policyholder behavior means any action a policyholder, a contract holder,
or any other person with the right to elect options, such as a certificate
holder, may take under a policy or contract subject to the act including,
but not limited to, lapse, withdrawal, transfer, deposit, premium payment,
loan, annuitization, or benefit elections prescribed by the policy or contract
but excluding events of mortality or morbidity that result in benefits prescribed
in their essential aspects by the terms of the policy or contract;
(8) Principle-based valuation
means a reserve valuation that uses one or more methods or one or more assumptions
determined by the insurer and is required to comply with section 44-8909 as
specified in the valuation manual;
(9) Qualified actuary means an individual who is qualified
to sign the applicable statement of actuarial opinion in accordance with the
American Academy of Actuaries qualification standards for actuaries signing
such statements and who meets the requirements specified in the valuation
manual;
(10)
Reserves means reserve liabilities;
(11) Tail risk means a risk that occurs either when
the frequency of low probability events is higher than expected under a normal
probability distribution or when there are observed events of very significant
size or magnitude; and
(12)
Valuation manual means the valuation manual prescribed by the director which
conforms substantially to the valuation manual developed and adopted by the
National Association of Insurance Commissioners.

Legislative History

Source: Laws 2014, LB755, § 3.