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
Annuity modified joint life and survivorship annuity under which the income payments are reduced to one-half or two-thirds of the initial income amounts upon the death of the first ...
Determination that investments by parents in their children's education through the purchase of Series EE Savings Bonds, which generate interest income, are tax-exempt if the proceeds are ...
Coverage required by the laws of a particular state. For example, many states stipulate minimum amounts of automobile liability insurance that must be carried. ...
Life insurance accounting method that does not require any terminal reserve for a policy at the end of the first year. First-year policy acquisition expenses, such as agent commission, ...
Expenses that have or may not yet have been paid by an insurance company. ...
The term pro rata comes from Latin and translates to in proportion, proportionally, the proportion of, proportionately determined, or according to a specific rate. It is often used in legal ...
Federal statute relating to drug abuse policies that requires all employers with federal contracts at least equal to $25,000 to certify, as a condition of receiving a federal contract, that ...
1961 federal legislation that allows the U.S. Export-Import Bank to set up insurance protection for U.S. exporters against credit risk and political risk in order to help make U.S. exports ...
Expense listed on the Income and Expenditure accounting statement for the unexpired insurance policy owned. ...
Have a question or comment?
We're here to help.