Refer to Sec. 1010.100 of this chapter for general definitions not noted herein. To the extent there is a differing definition in Sec. 1010.100 of this chapter, the definition in this section is what applies to part 1025. Unless otherwise indicated, for purposes of this part:
(a) Annuity contract means any agreement between the insurer and the contract owner whereby the insurer promises to pay out a fixed or variable income stream for a period of time.
(b) Covered product means:
(1) A permanent life insurance policy, other than a group life insurance policy;
(2) An annuity contract, other than a group annuity contract; or
(3) Any other insurance product with features of cash value or investment.
(c) Group annuity contract means a master contract providing annuities to a group of persons under a single contract.
(d) Group life insurance policy means any life insurance policy under which a number of persons and their dependents, if appropriate, are insured under a single policy.
(e) Insurance agent means a sales and/or service representative of an insurance company. The term ``insurance agent'' encompasses any person that sells, markets, distributes, or services an insurance company's covered products, including, but not limited to, a person who represents only one insurance company, a person who represents more than one insurance company, and a bank or broker-dealer in securities that sells any covered product of an insurance company.
(f) Insurance broker means a person who, by acting as the customer's representative, arranges and/or services covered products on behalf of the customer.
(g) Insurance company or insurer. (1) Except as provided in paragraph (g)(2) of this section, the term ``insurance company'' or ``insurer'' means any person engaged within the United States as a business in the issuing or underwriting of any covered product.
(1) Except as provided in paragraph (g)(2) of this section, the term ``insurance company'' or ``insurer'' means any person engaged within the United States as a business in the issuing or underwriting of any covered product.
(2) The term ``insurance company'' or ``insurer'' does not include an insurance agent or insurance broker.
(h) Permanent life insurance policy means an agreement that contains a cash value or investment element and that obligates the insurer to indemnify or to confer a benefit upon the insured or beneficiary to the agreement contingent upon the death of the insured.