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
Fund in a segregated account to provide for the return of unearned premiums on policies that are canceled. ...
Evidence of a temporary contract obliging a life or health insurance company to provide coverage as long as a premium accompanies an acceptable application. This gives the company time to ...
Means of setting life insurance reserves based on expected mortality rates as reflected in a mortality table. ...
Systems composed of personal computers linked by a file server. These computers share software as well as databases that enable the risk manager access to information in a quick and ...
Case where an insurance company is placed by the state court under the control of the state insurance department. Claims are paid in the order filed until the insurance company's ability to ...
Transportation firm that must carry any customer's goods if the customer is willing to pay. Common carriers include trucking companies, bus lines, and airlines. ...
Same as term Corridor Deductible: type of major medical deductible amount that acts as a corridor between benefits under a basic health insurance plan and benefits under a major medical ...
Financial holdings that can be converted into cash in a timely manner without the loss of principal, such as U.S. Treasury Bills. Liquidity of assets is one of the most important principles ...
Money paid through state and federal programs to workers who are temporarily unemployed. The program, which was created by the social security act of 1935, is managed by the individual ...
Have a question or comment?
We're here to help.