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
Loss experience of a given insured. ...
Insurance against interruption of supply of goods and services. If firm A depends on firm B for its supply of goods and services, an interruption caused by damage or destruction to B can ...
Price an investor is willing to pay for a financial asset. ...
Coverage on a single shipment of property while in temporary storage or in transit. This policy is most commonly used in moving of household goods, which are covered from the time they are ...
Procedure for calculating the cost of life insurance, taking into account the time value of money (investment return on sums placed in premium dollars had these sums been invested ...
Risk management technique for shifting a corporation's exposure from itself. A risk manager looks at many alternatives to insurance to limit the risks a business firm faces. One transfer ...
Extended reporting period, for an unlimited length of time, during which claims may be made after a claims made basis liability coverage policy has expired. ...
Means used by a direct fire underwriter to protect against accumulation for a fire account, as well as against extremely large fire account liability. For example, heavy liabilities under ...
Liability arising out of the operation of a motel or hotel as it pertains to the physical safety of guests and their property. ...
Have a question or comment?
We're here to help.