Guertin Laws
Standard State Valuation and Non forfeiture Law approved by the national association of insurance commissioners (naic) in 1942. This law is named for Alfred N. Guertin, the actuary who headed the NAIC committee that studied the need for a new mortality table to be used in calculating life insurance non forfeiture values. In essence, application of this law guarantees that an insured is entitled to all benefits for which the life insurance company has received premiums. The insured cannot be made to forfeit the equity that has built up in a life insurance product.
Popular Insurance Terms
Insurance policy that combines the elements of a deferred annuity with the elements of DECREASING TERM LIFE INSURANCE. This policy was originally designed to act as a funding instrument for ...
Coverage for persons whose medical history includes serious illness such as heart disease or whose physical condition is such that they are rated below standard. A policy may specifically ...
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Retirement plan for an individual based on a single contract with a benefit based on current earnings, as if they will remain static until normal retirement age. As the earnings of the plan ...
Same as term Claims Made Basis: method of determining whether or not coverage is available for a specific claim. If a claim is made during the time period when a liability policy is in ...
Stipulations of the rights and obligations of an insured and an insurer under a policy. ...
Statement showing the amount of money owed the agent by the insurance company, according to the contract he or she has with the insurance company. ...
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Bond guaranteeing that a contractor will perform under the contract in accordance with all specifications of the bid submitted. ...
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