Sec. 42-1.3. Definitions

As used in this Subpart, the following terms shall have the following meanings:

(a) The word policy shall include riders, endorsements, supplemental provisions, certificates of fraternal benefit societies, and certificates evidencing group insurance where such certificate is delivered or deemed to be delivered in this State under section 3201(b)(1) of the Insurance Law and subject to the approval of the superintendent.

(b) Indeterminate premium policy means an individual life insurance policy, whether participating or non-participating, providing for prospective readjustment of the rate of premium as specified in section 4231(g)(1)(D) of the Insurance Law, or any comparable policy.

(c) Gross premium scale as used in this section means either:

(1) the initial current gross premium scale; or

(2) the guaranteed gross premium scale.

(d) Initial current gross premium scale for an indeterminate premium policy means the schedule of gross premiums, based on the initial (current) pricing assumptions that would be payable if there were no prospective premium readjustments.

(e) Guaranteed gross premium scale for an indeterminate premium policy means the schedule of gross premiums guaranteed by policy provision to be the maximum premium that can be charged under the prospective readjustment of premium provision.