Naic: Model Asset Valuation Act National Association Of Insurance Commissioners
Definition of "Naic: model asset valuation act national association of insurance commissioners"
Model state law providing guidelines by regulators for valuation of securities on the books of insurance companies. The act has two sections: one for valuation of fixed rate bonds and debt securities, and the other covering valuation of other securities such as common and preferred stocks as well as stock in an insurance company's subsidiaries. The model law provides that bonds be valued at cost, adjusted for any purchase discounts or premiums. Preferred and guaranteed stocks while paying dividends can be carried at par value, while other securities such as common stocks are carried at market or appraised value. Valuation of stock in subsidiaries is limited by the law to no more than the value of the subsidiary's ADMITTED ASSETS when valued as if they were on the books of the insurance company parent.
Popular Insurance Terms
State-sponsored insurance fund that was intended to guarantee deposits at state-chartered savings institutions. A handful of these funds existed in the early 1980s, but after a string of ...
Figure in a mortality table derived by dividing the number of people alive at the end of a given year by the number of people alive at the beginning of that same year. ...
Protection under an insurance policy. In property insurance, coverage lists perils insured against, properties covered, locations covered, individuals insured, and the limits of ...
Health characteristic considered by an insurer underwriting an applicant for life or health insurance. Many insurance companies charge reduced premiums for nonsmokers. ...
Same as term Floater: coverage for property which moves from location to location either on a scheduled or unscheduled basis. If the floater covers scheduled property, coverage is listed ...
Provision in a property, liability, or health insurance policy stipulating the extent of coverage in the event that other insurance covers the same property. ...
Property damage resulting from aircraft traveling faster than the speed of sound. Although the vibrations caused by such high speed can cause damage, it is excluded on most property forms. ...
U.S. government agency (formerly the Atomic Energy Commission) responsible for regulating the nuclear energy industry. The commission also provides supplemental insurance for nuclear ...
Frequency of premium payment; for example annually, semiannually, quarterly, or monthly. ...
Have a question or comment?
We're here to help.