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
Limitation imposed on insurance companies by state law. States oversee the insurance industry, being responsible for making certain that the rates are fair, reasonable, and adequate, and ...
Right of a beneficiary of a life insurance policy to exchange the future installments due that beneficiary for a lump sum distribution. ...
Provision in business interruption insurance that excludes coverage for continuing the wages of rank and file employees. Business interruption insurance covers an employer for loss of ...
Section of the Internal Revenue Code that provides for the taking of the proceeds from one life insurance policy or annuity and the reinvesting of these proceeds immediately in another life ...
Covers all employees of a business on a blanket basis with the maximum limit of coverage applied separately to each employee guilty of a crime. ...
Assumption of total disability when an insured loses sight, hearing, speech, or a limb. When such a loss occurs to an insured with disability income insurance, the insurer often assumes ...
Individual retirement account established under the tax reform act of 1986, for a spouse who has unearned income. The maximum annual combined contribution into the worker's and spouse's IRA ...
Ratio of the company's investment in noninvestment grade bonds dividend to its adjusted surplus. This ratio shows how vulnerable the company's surplus is to the market fluctuations in ...
Methods for payment of the value of a policy. An insurance company can select one of three options in settlement of a loss: make a cash payment; take possession of damaged or destroyed ...
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