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
Money that is lent. In life insurance, a loan can be taken against the cash value of a life insurance policy at any time. The policyholder does not have to repay the loan until the policy ...
Funds set aside by an insurance company to pay incurred losses which have not yet been paid. ...
Same as term: engineering approach; human approach ...
Transfer of high severity risks through the insurance contract to protect against catastrophic occurrences. While insurance is generally not the most cost-effective means of recovery of ...
Provision found in a life insurance policy that provides that certain benefits will be paid in the event the insured becomes totally and permanently disabled from an accident incurred or ...
Provision of health maintenance organization (HMO) coverage. A member who is critically injured within the geographical service area of the HMO can use the nearest hospital for emergency ...
Base upon which a mortality table is built by beginning with a randomly selected group of people who are alive at the earliest age for which statistics are available on the number of people ...
Hospital charges in addition to room and board. Miscellaneous expenses are covered under a basic hospital plan, with the limits of coverage expressed either as a multiple of the daily ...
Coverage for business firms operating abroad to insure them against loss due to political upheavals including war, revolution, confiscation, incontrovertibility of currency, and other such ...
Have a question or comment?
We're here to help.