Definition of "Naic: model bill to provide for the regulation of credit life insurance national association of insurance commissioners"
Cossett Garcia, Real Estate Agent
ProManagement Realty
Model state law of the NAIC that stipulates that the purchaser (debtor) of a credit life insurance (creditor life insurance) policy must be provided a descriptive policy; the policy must terminate if the indebtedness is discharged or if the indebtedness is transferred to another creditor; there must be complete disclosure of the premium charges to the debtor, and any unearned premiums must be refunded to the debtor.
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