---
kind: "section"
citation: "31 C.F.R. § 1025.100"
title: "31"
number: "1025.100"
heading: "Definitions."
url: "https://uscodex.org/cfr/31/1025.100"
---

# §1025.100. Definitions.


Refer to [§ 1010.100](/cfr/31/1010.100.md) of this chapter for general definitions not noted herein. To the extent there is a differing definition in [§ 1010.100](/cfr/31/1010.100.md) of this chapter, the definition in this section is what applies to [part 1025](/cfr/31/part1025.md). Unless otherwise indicated, for purposes of this part:

- (a) Annuity contract means any agreement between the insurer and the contract owner whereby the insurer promises to pay out a fixed or variable income stream for a period of time.
- (b) **Covered product—** means:
  - (1) A permanent life insurance policy, other than a group life insurance policy;
  - (2) An annuity contract, other than a group annuity contract; or
  - (3) **Any other insurance product with features of cash value or investment.**
- (c) Group annuity contract means a master contract providing annuities to a group of persons under a single contract.
- (d) Group life insurance policy means any life insurance policy under which a number of persons and their dependents, if appropriate, are insured under a single policy.
- (e) Insurance agent means a sales and/or service representative of an insurance company. The term “insurance agent” encompasses any person that sells, markets, distributes, or services an insurance company's covered products, including, but not limited to, a person who represents only one insurance company, a person who represents more than one insurance company, and a bank or broker-dealer in securities that sells any covered product of an insurance company.
- (f) Insurance broker means a person who, by acting as the customer's representative, arranges and/or services covered products on behalf of the customer.
- (g) **Insurance company or insurer.**
  - (1) Except as provided in [paragraph (g)(2)](#g-2) of this section, the term “insurance company” or “insurer” means any person engaged within the United States as a business in the issuing or underwriting of any covered product.
  - (2) **The term “insurance company” or “insurer” does not include an insurance agent or insurance broker.**
- (h) Permanent life insurance policy means an agreement that contains a cash value or investment element and that obligates the insurer to indemnify or to confer a benefit upon the insured or beneficiary to the agreement contingent upon the death of the insured.

## Notes

### Authority

Authority: 12 U.S.C. 1829b and 1951-1959; 31 U.S.C. 5311-5314 and 5316-5332; title III, sec. 314, Pub. L. 107-56, 115 Stat. 307; sec. 701, Pub. L. 114-74, 129 Stat. 599.

### Source

Source: 75 FR 65812, Oct. 26, 2010, unless otherwise noted.