Naic: Model Life Insurance Disclosure Regulation National Association Of Insurance Commissioners
Definition of "Naic: model life insurance disclosure regulation national association of insurance commissioners"
Model state law of the NAIC that requires that the insurance company and agent provide a prospective insured with written information concerning the cost and benefits of the life insurance policy under consideration for purchase. The information to be provided must be in the form of a buyer's guide and a policy summary. The buyer's guide is written in language that is dictated by regulation and must contain information concerning: the appropriate amount of life insurance to purchase; a comparison of the costs associated with the purchase of similar life insurance policies; and the various kinds of life insurance policies available to fit the prospective insured's requirements. The policy summary must contain: premiums to be paid each year for the initial five-year policy period; cash values at the end of each year for the initial five-year policy period; dividends (if a participating policy) each year for the initial five-year period; and death benefit each year for the initial five-year period. In addition, the name and address of the insurance company must be listed, as well as the insurance policy's generic name.
Popular Insurance Terms
Single policy covering all insurable property of specified type s) at all locations of an insured business. The form is appropriate for the business that has several locations. There are ...
Beneficiary's choice, in a life insurance policy or annuity, for receiving income payments for a given period of time. The number of payments are fixed by the payee; the benefit amount is ...
Procedure for examining the total financial position of the insurance company over future time periods under various changing scenarios of uncertainty involving interest rates, mortality ...
Sum of money paid on the principal amount of money invested or loaned. ...
In insurance, legal authority obtained by an insurance company, agent, broker, or consultant that permits them to do business in a particular state. The document issued by the state shows ...
Organization formed to encourage research in insurance and to foster an exchange of ideas and research methodology among the society members. ...
HEALTH MAINTENANCE ORGANIZATION that restricts to a relatively small amount the number of medical providers from which an HMO member may seek services. Usually, HMO members may select the ...
Provision by an employer for the economic and social welfare of employees. Generally include: pension plans for retirement; group life insurance for death; group health insurance for ...
Methodology in which a range of plausible alternatives is suggested concerning future scenarios. The scenarios describe possibilities rather than predictions. ...
Have a question or comment?
We're here to help.