Definitions

Definitions In addition to the definitions in Miss. Code Ann. § 83-7-203, the following definitions apply to this regulation: A. “Chronically ill” means: 1. Being unable to perform at least two (2) activities of daily living (i.e. eating, toileting, transferring, bathing, dressing, or continence); 2. Requiring substantial supervision to protect the individual from threats to health and safety due to severe cognitive impairment; or 3. Having a level of disability similar to that described in (1) above as determined by the Secretary of Health and Human Services; B. “Insured” mean the person covered under the policy being considered for viatication; C. “Financing Entity” means an underwriter, placement agent, lender, purchaser of securities, purchaser of a policy or certificate from a viatical settlement provider, credit enhancer, or any person that may be a party to a viatical settlement contract and that has a direct ownership in a policy or certificate that is the subject of a viatical settlement contract but whose sole activity related to the transaction is providing funds to effect the viatical settlement and who has an agreement in writing with a licensed viatical settlement provider to act as a participant in a financing transaction; D. “Life expectancy” means the mean of the number of months the individual insured under the life insurance policy to be viaticated can be expected to live as determined by the viatical settlement provider considering medical records and appropriate experiential data; E. “Life settlement” means when a person, who does not have a terminal or chronic illness, sells a life insurance policy to a third party, usually a viatical settlement provider, for less than the face value of the policy. For purposes of this regulation and the Viatical Settlements Act there is no difference between a life settlement and a viatical settlement; F. “Net death benefit” means the amount of the life insurance policy or certificate to be viaticated less any outstanding debts or liens; G. “Patient identifying information” means an insured’s address, telephone number, facsimile number, electronic mail address, photograph or likeness, employer, employment status, social security number, or any other information that is likely to lead to the identification of the insured; and H. “Terminally ill” means having an illness or sickness that can reasonably be expected to result in death in twenty-four (24) months or less.