Mississippi § 83-7-101 - Definitions.

§ 83-7-101. Definitions.

“Accelerated benefits” are benefits payable under a life insurance contract: To a policy owner, during the lifetime of the insured, in anticipation of death or upon the occurrence of specified life-threatening or catastrophic conditions as defined by the policy or rider; Which reduce the death benefit otherwise payable under the life insurance contract (excluding accidental death and other ancillary benefits); and Which are payable, in a lump sum or in periodic payments, at the option of the insured. “Qualifying event” means one or more of the following: A medical condition which would result in a drastically limited life span, for example, twenty-four (24) months or less; A medical condition which has required or requires extraordinary medical intervention, such as, but not limited to, major organ transplant or continuous artificial life support, without which the insured would die; A medical condition which would, in the absence of extensive or extraordinary medical treatment, result in a drastically limited life span. Such conditions may include, but are not limited to, one or more of the following: 1. Coronary artery disease resulting in an acute infarction or requiring surgery; 2. Permanent neurological deficit resulting from cerebral vascular accident; 3. End stage renal failure; or 4. Other qualifying event which the Commissioner of Insurance shall approve for any particular filing.