Naic: Accelerated Benefits Guideline For Life Insurance National Association Of Insurance Commissioners
Definition of "Naic: accelerated benefits guideline for life insurance national association of insurance commissioners"
Model state law of the NAIC that stipulates that the prospective purchaser of a dread disease insurance policy (catastrophic illness insurance policy) must be provided a quantitative illustration of the accelerated payout's effect on the death benefit, policy loan, premiums, and cash value of the life insurance policy. In addition, the prospective purchaser must be furnished a summary of the accelerated benefits to be provided.
Popular Insurance Terms
Account established and administered by a state agency to finance a mandatory insurance program, for example, workers compensation insurance. ...
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 ...
Dividend paid in addition to the regular dividend on a participating insurance policy. ...
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Evidence of a temporary contract obliging a life or health insurance company to provide coverage as long as a premium accompanies an acceptable application. This gives the company time to ...
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Addition to a basic insurance policy to further explain coverages, add or exclude perils and locations covered, and add or delete positions covered. For example, an endorsement to the ...
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