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Florida Administrative Code (Last Updated: April 18, 2024) |
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69. Department of Financial Services |
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69O. OIR – Insurance Regulation |
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69O-163. Credit Life And Credit Disability Insurance |
1As used in this rule chapter, the following terms have the following meaning:
14(1) Accelerated Death Benefit. Benefit which is paid in advance of the death of the insured. The benefit may be adjusted to consider the time value of money. The requirements shall not be more than a life expectancy of less than 12 months. Definitions that are more or less restrictive shall cause an adjustment of the rate charged based on actuarial justification.
76(2) Actual Net Debt. The amount necessary to liquidate the remaining debt in a single lump-sum payment, excluding all unearned interest and other unearned finance charges.
102(3) Actuarial Assumptions. The value of a parameter, or other choice, having an impact on an estimate of a future cost or other actuarial item under evaluation.
129(4) Actuarial Present Value. The value of an amount or series of amounts payable or receivable at various times, determined as of a given date with each value based on consistent actuarial assumptions.
162(5) Actuarially Equivalent. Producing equal actuarial present value, determined as of a given date with each value based on consistent actuarial assumptions.
184(6) Credibility. The statistical extent to which the past experience of a case can be expected to recur in the future.
205(7) Decreasing Gross Coverages. Coverage where the amount of insurance is decreased by the amount of the payment as the debtor makes each scheduled monthly payment. This results in the amount of insurance being equal to the sum of the remaining payments during the policy term-principal and unearned interest included.
255(8) Experience. Earned premium, incurred claims, incurred claims count or number of life years insured, and average amount of insurance during the experience period.
279(9) Joint Credit Life or Credit Disability. Insurance on the life of the debtor and the spouse of the debtor, partners, or any other legal cosigner.
305(10) Prima Facie Rate. Maximum allowable rate, without experience or justification, 316pursuant to Section 319627.6785(2), 320Florida Statutes; shall be those 325contained in Rules 32869O-163.010 329and 33069O-163.011, 331F.A.C.
332Specific Authority 334624.308(1), 335627.678 FS. 337Law Implemented 339624.307(1), 340627.575, 341627.677, 342627.6785 FS. 344History–New 2-11-03, Formerly 4-163.0017.
