In 3 AAC 31.300 - 3 AAC 31.449, unless the context requires otherwise,

1. (1) "chronically ill" means

   1. (A) being unable to perform at least two activities of daily living; in this subparagraph, "activities of daily living" means

      1. (i) eating;
      2. (ii) toileting;
      3. (iii) transferring;
      4. (iv) bathing;
      5. (v) dressing; and
      6. (vi) continence; or
   2. (B) requiring substantial supervision to protect the insured from threats to health and safety due to severe cognitive impairment;
2. (2) "compliance officer" means a licensee responsible for a firm's compliance with AS 21 and 3 AAC 31.300 - 3 AAC 31.449;
3. (3) "firm" has the meaning given in AS 21.97.900;
4. (4) "home state" means the District of Columbia or a state or territory of the United States in which a viatical settlement provider, viatical settlement broker, or viatical settlement representative maintains that person's principal place of residence or principal place of business and is licensed to act as a viatical settlement provider, viatical settlement broker, or viatical settlement representative;
5. (5) "individual" means a natural person who is required to be licensed under AS 21.96.110 and 3 AAC 31.300 - 3 AAC 31.449;
6. (6) repealed 10/13/2011;
7. (7) "insured" means the person covered under an insurance policy that has been viaticated or that is proposed to be viaticated;
8. (8) "life expectancy" means the average number of months an insured under a life insurance policy to be viaticated can be expected to live as determined by a viatical settlement provider considering medical records and appropriate experiential data;
9. (9) "net death benefit" means the amount of a life insurance policy or certificate to be viaticated, less any outstanding debts or liens;

10. (10) "patient identifying information" means

    1. (A) an insured's address, telephone number, facsimile number, electronic mail address, photograph or other likeness, employer, employment status, or social security number; or
    2. (B) information that is likely to lead to the identification of the insured;
11. (11) "person" has the meaning given in AS 21.97.900 and includes a limited liability company;
12. (12) "resident" has the meaning given in AS 21.27.900;
13. (13) "spousal equivalent" means a person who is cohabiting with another person in a relationship that is like a marriage but that is not a legal marriage;
14. (14) "terminally ill" means having an illness or disease that can reasonably be expected to result in death in 24 months or less;
15. (15) "viatical settlement financing entity" means an underwriter, placement agent, lender, purchaser of securities, purchaser of a life insurance policy from a viatical settlement provider, credit enhancer, reinsurer, or person that is a party to a viatical settlement contract and that has a direct ownership in a life insurance policy 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 contract and that has an agreement in writing with a viatical settlement provider to act as a participant in a viatical settlement financing transaction;
16. (16) "viatical settlement financing transaction" means a transaction in which a viatical settlement provider or a viatical settlement financing entity obtains financing for viatical settlement contracts, viaticated policies, or interests in those contracts or policies; "viatical settlement financing transaction" includes secured or unsecured financing, a securitization transaction or securities offering either registered or exempt from registration under federal and state law, or a direct purchase of interests in that policy, if that financing transaction complies with federal and state securities law;
17. (17) "viaticate" means to enter into a viatical settlement contract;
18. (18) "working day" means a calendar day other than Saturday, Sunday, an official federal holiday, or an official holiday in this state.

(Eff. 8/25/2002, Register 163; am 10/13/2011, Register 200)