Naic: Model Annuity And Deposit Fund Disclosure Regulation National Association Of Insurance Commissioners
Model state law of the NAIC that requires that applicant be furnished a Buyer's Guide to Annuities and a contract summary. The Buyer's Guide must contain information concerning: the various kinds of annuity contracts available to fit the prospective annuitant's requirements; the characteristics of annuities in general; and benefits of the annuity contract. The contract summary must contain: the cash values at the end of each year for the initial ten-year contract period; dividends (if a participating contract) each year for the initial ten-year contract period; death benefit each year for the initial ten-year contract period; yield on the gross premiums paid at the end of the initial ten-year contract period; and date income payments are scheduled to commence to the annuitant.
Popular Insurance Terms
Same as term Adjuster: individual employed by a property and casualty insurance company to settle on its behalf claims brought by insureds. The adjuster evaluates the merits of each claim ...
Includes rate of return, how long the annuity's interest rate is guaranteed, loads (front, middle and back), financial ranking of the insurance company offering the annuity, the monthly ...
Denial of coverage for damage, in inland marine insurance, stemming from routine use of the property. Property can be expected to deteriorate somewhat over time from normal use. This is not ...
Legal right of a passenger in an automobile involved in an accident to bring a liability suit against the driver. It is deemed that a special standard of care is owed by an automobile ...
Element used to adjust losses to reflect the incurred but not reported claim (IBNR) under the retrospective method of rating. ...
Coverage by at least two insurance policies providing the same coverage for the same risk. ...
Division of a sum of money between a deferred annuity and an immediate life annuity certain. ...
In property insurance policy, clause that stipulates that if legislative acts or acts of the insurance commissioner's office expand the coverage of an insurance policy or endorsement forms ...
Section of some inland marine insurance {transportation insurance) and many other property insurance policies excluding coverage for damage to shipped goods by vermin such as rats. ...
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