Naic: Model Uniform Individual Accident And Sickness Policy Provisions Law
Definition of "Naic: model uniform individual accident and sickness policy provisions law"
Model state law of the NAIC that stipulates minimum benefits that must be contained in the policy's 12 required provisions and 11 optional provisions. The most significant stipulations of the required provisions include: (1) grace period; (2) reinstatement clause; and (3) incontestable clause. The most significant stipulation of the optional provisions include the misstatement of age clause.
Popular Insurance Terms
Independent, nonprofit, membership hospital plan. Benefits provided include coverage for hospitalization expenses subject to certain restrictions: for example, semiprivate room only. A ...
Coverage for a common carrier (the insured) for damage or destruction due to radioactive contamination from commercial radioisotopes of a property in the custody of the insured or that of a ...
State law by which insurance companies are permitted to establish deferred tax assets and liabilities subject to maximum limitations. ...
Coverage on an all risks basis for goods in transit, bailment, and while on the premises of others. ...
Fee paid to an insurance salesperson as a percentage of the premium generated by a sold insurance policy. ...
Subsidence is a term used in geology, engineering and surveying to denote the motion of a surface (usually, the earth\'s surface) downwards relative to a datum such as sea-level. In ...
Historical record of dividends paid. ...
Specific values of securities computed annually by the national association of insurance commissioners (NAIC) as guidelines and procedures for insurance companies in listing of their ...
Maximum amount that an insurance company will pay under a liability insurance policy for claims resulting from a particular accident. This maximum amount applies regardless of the amount of ...
Have a question or comment?
We're here to help.