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
Life insurance on which a premium is collected on a weekly, bi-weekly, or monthly basis, usually at the home of a policyholder. The face value of the policy is usually $1000 or less. ...
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