This provision defines key terms used in the Unclaimed Life Insurance Benefits Act, including beneficiary, death master file, death master file match, policy, record-keeping services, and retained asset account.
For purposes of the Unclaimed Life Insurance Benefits Act: (1) Beneficiary means the party entitled or contingently entitled to receive proceeds from a policy or retained asset account; (2) Death master file means the United States Social Security Administration’s Death Master File or any other database or service that is at least as comprehensive as the United States Social Security Administration’s Death Master File for determining that a person has reportedly died; (3) Death master file match means a search of the death master file that results in a match of the social security number or the name and date of birth of an insured, annuity owner, or retained asset account holder; (4) Policy means any policy or certificate of life insurance that provides a death benefit or any annuity contract, except that such term does not include: (a) Any policy or certificate of life insurance that provides a death benefit under an employee benefit plan that is (i) subject to the Employee Retirement Income Security Act of 1974 or (ii) part of a federal employee benefit program; (b) Any policy or certificate of life insurance that is used to fund a pre-need funeral contract or prearrangement; (c) Any policy or certificate of credit life or accidental death insurance; (d) Any policy issued to a group master policyholder for which the insurer does not provide record-keeping services; or (e) An annuity used to fund an employment-based retirement plan or program if (i) the insurer does not perform the record-keeping services or (ii) the insurer is not committed by terms of the annuity contract to pay death benefits to the beneficiaries of specific plan participants; (5) Record-keeping services means services provided by an insurer for a group policy customer pursuant to an agreement under which the insurer is responsible for obtaining, maintaining, and administering, in its own or its agent’s systems, at least the following information about each individual insured under the group policy or a line of coverage thereunder: (a) Social security number or name and date of birth; (b) Beneficiary designation information; (c) Coverage eligibility; (d) Benefit amount; and (e) Premium payment status; and (6) Retained asset account means any mechanism whereby the settlement of proceeds payable under a policy is accomplished by the insurer or an entity acting on behalf of the insurer depositing the proceeds into an account with check or draft writing privileges, where those proceeds are retained by the insurer or its agent, pursuant to a supplementary contract not involving annuity benefits other than death benefits. History: Laws 2017, LB137, § 2.