GENERAL PROVISIONS

The following words and terms, when used in this chapter, have the following meanings, unless the context clearly indicates otherwise:

Act—The Insurance Company Law of 1921 (40 P. S. § § 341—991).

Agent—A person, copartnership or corporation licensed under the laws of the Commonwealth as a life insurance agent.

Department—The Insurance Department of the Commonwealth.

Separate account—An account established under section 406.2(a) of the act (40 P. S. § 506.2(a)).

Variable accumulation annuity contract—An annuity policy or contract, other than a variable annuity, under which amounts accumulated for the purchase of a fixed annuity or a fixed annuity and a variable annuity, where the accumulation values vary according to the investment experience of a separate account. The fixed annuity shall be purchased at rates at least as favorable to the policyholder as those stated in the variable accumulation annuity contract.

Variable annuity contract—Any policy or contract which provides for deferred or immediate annuity payments, the amount of which, after such payments have commenced, varies according to the investment experience of a separate account maintained by the insurer for the purpose of funding this contract.