Naic: Model Life Insurance Solicitation Regulation National Association Of Insurance Commissioners
Definition of "Naic: model life insurance solicitation regulation national association of insurance commissioners"
Model state regulation that governs method of selling life insurance to prevent fraud or misrepresentation by agents or insurers. A life insurance disclosure model regulation to help buyers understand the basic policy features and evaluate costs of similar insurance plans was adopted on an interim basis in 1973 and revised in 1976 and 1983. Today, insurers must provide a buyer's guide and a policy summary to prospective buyers. Insurers must keep files of authorized documents; agents must identify themselves and the company they represent and cannot represent themselves as financial planners or investment advisers unless they in fact are. In addition, reference to a dividend or any non guaranteed item must be identified as such.
Popular Insurance Terms
Clause in an insurance policy stipulating that the benefits under the policy will accrue to the right of the insured. For example, if the insured leaves a violin at a repair shop and that ...
Record of debit or industrial insurance policies. ...
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Coverage following the same structure as group term, the significant difference being that premiums go toward the purchase of permanent insurance instead of term insurance. The employee has ...
Failure to act with the legally required degree of care for others, resulting in harm to them. ...
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Buy or sell order for security that expires at the end of the trading date on which it was entered if not executed. ...
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