“For purposes of this Act, the following definitions shall apply:“(1) Life insurance product.—“(A) In general.—The term ‘life insurance product’ means any product, including individual and group life insurance, funding agreements, and annuities, that provides insurance for which the probabilities of the duration of human life or the rate of mortality are an element or condition of insurance.
“(B) Included insurance.—The term ‘life insurance product’ includes the granting of—“(i) endowment benefits;
“(ii) additional benefits in the event of death by accident or accidental means;
“(iii) disability income benefits;
“(iv) additional disability benefits that operate to safeguard the contract from lapse or to provide a special surrender value, or special benefit in the event of total and permanent disability;
“(v) benefits that provide payment or reimbursement for long-term home health care, or long-term care in a nursing home or other related facility;
“(vi) burial insurance; and
“(vii) optional modes of settlement or proceeds of life insurance.
“(C) Exclusions.—Such term does not include workers compensation insurance, medical indemnity health insurance, or property and casualty insurance.
“(2) NAIC.—The term ‘NAIC’ means the National Association of Insurance Commissioners (or any successor thereto).
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