Naic: 1984 Model Replacement Regulation National Association Of Insurance Commissioners

Definition of "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.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Insurance Terms

Property damage, accident, or injury resulting from vagaries of nature, including tornadoes, hurricanes, and floods. ...

Monthly benefit payable to retired or disabled worker under Social Security. It is calculated by using the average monthly earnings of the covered person while working. Under this formula, ...

Policy under which the insurer will pay the actual cash value of the property at the time the property was damaged or destroyed provided the loss falls within the limitations of the policy. ...

Period of time after the expiration of a claims made basis liability coverage policy during which claims may be made. ...

Modest life insurance coverage to pay burial expenses upon the death of an insured. ...

Aggregate sums, in certain states, to pay claims of insolvent insurance companies. These funds are maintained by contributions of companies operating in a particular state in proportion to ...

Plan under which an employee may make a rollover contribution. If that contribution is from a qualified trust, the employee may make rollover contributions to an employer's qualified trust, ...

Life insurance policy provision stating that after the death of an insured, the proceeds from a policy are not immediately paid to the primary beneficiary; instead, they are delayed for a ...

Coverage for the inside of an insured premises of a business firm if it experiences a loss of money, securities, personal property, and damage or destruction of real or personal property ...

Popular Insurance Questions