Code of Federal Regulations Title 31. Money and Finance–Treasury § 31.1025.100 Definitions

(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:

(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.

(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.