Naic: 1984 Model Replacement Regulation National Association Of Insurance Commissioners
Model state law of the NAIC that requires the insurance agent who is replacing the policy to: give the policyholder a replacement notice; forward a signed copy of the replacement notice to the replacing insurance company; and forward copies of all sales proposals made to the policyholder. Model also requires the agent who is making a conservation effort to provide the policyholder and insurance company a copy of all materials associated with that effort.
Popular Insurance Terms
Inquiry conducted by a committee of the legislature of the State of New York in 1905 that looked at abuses of life insurance companies operating in the state. This study led to stricter ...
Guarantee by a reinsurance company that payment for losses incurred by a third party will be made even though that third party has no contractual arrangement with the reinsurance company. ...
Actuarial procedure used to determine the cost of protection of a cash value life insurance policy on an annual basis. This cost of protection is developed by the following steps: Cash ...
Cooperative organization among insurers that rates and prepares new policy forms according to guidelines and regulations of the state insurance department. Loss experience, collected ...
Same as term Master policy: single contract coverage on a group basis issued to an employer. Group members receive certificates as evidence of membership summarizing benefits provided. ...
Coverage for property damage caused by untimely discharge from an automatic sprinkler system. This coverage, available through an endorsement to the Standard Fire Policy, typically excludes ...
Type of proportional reinsurance under which the ceding company (primary insurer) cedes a portion of the face amount of the life insurance policy it has underwritten to its reinsurer. The ...
Workers' premiums in a contributory employee benefit plan. ...
Coverage protecting future profits to be earned from a manufacturer's inventory. A manufacturer may lose all or part of an inventory of finished goods due to a peril such as fire and still ...
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