Naic: Long-term Care Insurance Model Act National Association Of Insurance Commissioners
Model state law of the NAIC setting minimum standards with which insurance products must comply if they are to qualify under the definition of a long-term care (LTC) insurance policy. These minimum standards include the following:
- Policies must be a GUARANTEED RENEWABLE CONTRACT.
- Specific illnesses (health problems) cannot be excluded from coverage.
- Summary of the policy in outline form must be provided the insured.
- FREE EXAMINATION "FREE LOOK" PERIOD must be included in the policy during which time the POLICYHOLDER may cancel the policy for any reason and receive the return of the premiums paid in.
- Essentially the same benefits for custodial care and skilled nursing care must be provided by the policy.
Popular Insurance Terms
Situation involving a chance of a loss or no loss, but no chance of gain. For example, either one's home burns or it does not; this risk is insurable. ...
Applications for insurance coverage that have been forwarded to an insurer but not yet processed. ...
Ratio commonly used by the property and casualty insurance industry as a measure of financial strength or to indicate to what degree a particular insurance company is leveraged. A low ratio ...
Coverage of the hull of a ship and its tackle, passenger fittings, equipment, stores, boats, and ordnance. Coverage is provided under the following types of policies: builders risk hull ...
Irrevocable living trust (rights to make any changes are forfeited by the grantor permanently) in which the grantor forfeits control of all assets placed in the trust. However, the grantor ...
Liability insurance coverage for claims arising from acts that occurred before the beginning of the policy period. Policies written on a claims made basis, such as malpractice liability ...
Individual who has a contractual agreement with a policyowner. The agent of record has a legal right to commissions from the insurance policy. ...
Payments made on a monthly basis by users of the medical services of health maintenance organizations (HMOs). After this payment is calculated for a future period of time, usually one year, ...
Expenses and damages incurred as the result of damage to a ship and its cargo and/or of taking direct action to prevent initial or further damage to the ship and its cargo. These expenses ...
Have a question or comment?
We're here to help.