As used in this part:

1. (1) "Accelerated benefits" covered under this part are benefits payable under a life insurance contract:

   1. (A) To a policy owner or certificate holder, 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;
   2. (B) That may reduce or eliminate the death benefit otherwise payable under the life insurance contract; and
   3. (C) That are payable upon the occurrence of a single qualifying event that results in the payment of a benefit amount fixed at the time of acceleration; and

2. (2) "Qualifying event" shall mean one (1) or more of the following:

   1. (A) A medical condition that would result in a drastically limited life span as specified in the contract (for example, twenty-four (24) months or less);
   2. (B) A medical condition that 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;
   3. (C) Any condition that usually requires continuous confinement in an eligible institution as defined in the contract if the insured is expected to remain there for the rest of his or her life;

   4. (D)

      1. (i) A medical condition that would, in the absence of extensive or extraordinary medical treatment, result in a drastically limited life span.

      2. (ii) Such conditions may include, but are not limited to, one (1) or more of the following:

         1. (a) (a) Coronary artery disease resulting in an acute infarction or requiring surgery;
         2. (b) (b) Permanent neurological deficit resulting from cerebral vascular accident;
      3. (c) (c) End stage renal failure;

      4. (d) (d) Acquired immunodeficiency syndrome; or

         1. (e) (e) Other medical conditions that the Insurance Commissioner shall approve for any particular filing; or
   5. (E) Other qualifying events that the Insurance Commissioner shall approve for any particular filing.