Naic: Information And Privacy Protection Model Act National Association Of Insurance Commissioners
Definition of "Naic: information and privacy protection model act national association of insurance commissioners"
Model state law designed to govern use of information collected from insurance applications. The law forbids any insurer or agent from impersonating someone else to gain information about an applicant, unless there is reasonable cause to suspect criminal activity. The law also provides that an insurer must give timely notice of renewal and other company policies. It also governs the method in which an insurer can gain information about a policyholder and the use that can be made of it. All applicants are allowed access to information that the insurer has collected about them, the right to correct it if wrong, and to learn the reason they were turned down for insurance.
Popular Insurance Terms
Pension plan funding instrument in which contributions paid by an employer are deposited to accumulate at interest. (These plans are usually noncontributory.) Upon retirement, an immediate ...
Individual who is legally responsible for taking care of another individual (s) who is deemed to be incapable of managing his/her own affairs. For example, children under the age of ...
Coverage on cargo in overseas ships for war-caused liability excluded under standard ocean marine insurance. Not covered is cargo awaiting shipment on a wharf, or on ships after 15 days of ...
Commission that is paid based on how profitable a particular type of business proves to be that is written by an agent. ...
Statement regarding an insured's retention of low-severity risks because they are not catastrophic, and can be absorbed without having a dramatic effect on the financial structure of a ...
Method of determining reimbursement from medical insurance according to diagnosis on a prospective basis. It originated with the medicare program. ...
Commission paid to an agent after the first year commission has been paid to that agent. Renewal commissions generally form a substantial portion of an agent's income after four years in ...
Temporary insurance contract providing coverage until a permanent policy is issued. In property and casualty insurance, some agents have authority to bind the insurance company to cover ...
Theft of another's property by a person entrusted with that property. Coverage can be found under various bonding arrangements. ...
Have a question or comment?
We're here to help.