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
Technique designed to permit the exchange of a life insurance policy that has an outstanding loan charged against it for another life insurance policy on a tax-free basis. The procedure is ...
Option under a participating life insurance policy by which the policy owner can elect to have the dividends purchase paid-up increments of permanent insurance. ...
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Terms of a settlement of a life insurance or annuity contract under which monies are currently payable or used at least in part by the beneficiary to fund a new insurance policy. ...
Part of a business liability policy that covers an insured for bodily injury or property damage liability to members of the public while they are on his premises. This coverage is available ...
A form of assessment insurance for which a regular premium is charged. In addition to paying the regular stipulated premium, an insured and other members of a mutual assessment company may ...
Incidents covered under workers compensation benefit. ...
Insurance company whose premium rates are usually below that of other insurance companies and the rating bureau. ...
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