Disability Income Record System (dirs)
Service under the auspices of the medical information bureau (MIB) that provides the insurance company with nonmedical information concerning the APPLICANT for DISABILITY INCOME INSURANCE. The purpose of this System is to warn the insurance company in the event the applicant tries to purchase excessive amounts of disability income insurance from various companies. The member insurance company is required to report to the DIRS an applicant for disability income insurance in amounts of at least $300 per month to be paid to the disabled insured for at least 12 months. The DIRS then stores this information in its computer files, from which it is retrievable by any member company.
Popular Insurance Terms
Regulation set forth by the national association of insurance commissioners (naic) to govern life insurance sales illustrations. Includes the following major provisions: POLICY OWNER must ...
Part of a marine cargo policy that exempts the policyholder from vouching for the seaworthiness of the vessel. For example, while a purchaser of hull marine insurance warrants that a ship ...
Coverage in which premiums are collected monthly on an ordinary life insurance policy. ...
Provision applied as a rider attached to an ordinary life insurance policy for the purpose of meeting estate planning requirements. When the insured dies, the beneficiary is entitled to ...
Classification of occupations according to the degree of risk inherent in that occupation. ...
Analysis of uncertainty of financial loss. This classification can be according to whether a risk is fundamental, particular, pure, speculative, dynamic, or static. In life insurance the ...
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Benefits payable under any insurance policy or annuity contract. ...
Plan under which life insurance is substituted for retirement income. Under the plan, a married individual selects a single life annuity payout from the pension plan, which will generate ...
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