Definitions

As used in Sections 38a-457-1 to 38a-457-11, inclusive: (a) "Accelerated Benefits" mean benefits payable under a life insurance policy sold in this state: (1) during the lifetime of the insured, in a lump sum or in periodic payments, as specified in the policy, provided upon the occurrence of a qualifying event as defined in subdivision (3) of subsection (c) of this section, no such benefits shall be payable in periodic payments; (2) upon the occurrence of a qualifying event, as specified in the policy, and certified by a physician who is licensed under the laws of a state or territory of the United States, or such other foreign or domestic jurisdiction as the Commissioner may approve; and (3) which reduce the death benefits otherwise payable under the life insurance policy. (b) "Insurance policy" or "policy" means an insurance policy or certificate or rider or endorsement thereto. (c) "Qualifying event" means: (1) a medically determinable condition suffered by the insured which can be expected to result in death in a relatively short period of time, such as twelve months and may include, but is not limited to, coronary artery disease, myocardial infarction, stroke, kidney failure or liver disease; or (2) a medical condition which would, in the absence of extensive or extraordinary medical treatment, result in death in a relatively short period of time, such as twelve months; or (3) a medically determinable condition suffered by the insured which has caused the insured to be confined for at least six months in an institution which provides necessary care or treatment of an injury, illness or loss of functional capacity rendered by a certified or licensed health care provider in a setting other than an acute care hospital, and it has been medically determined that such insured is expected to remain confined in such institution until death. (d) "Commissioner" means the Insurance Commissioner of the State of Connecticut.