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
Addition to the homeowners INSURANCE POLICY AND COMMERCIAL PACKAGE POLICY that provides liability and medical coverage for damages resulting from the operation of motor boats too large to ...
Act passed in 1996 that includes: an increase in the amount a nonworking spouse can contribute to an INDIVIDUAL RETIREMENT ACCOUNT (IRA) increased from $250 to $2000; creation of the ...
Highly visible form of marketing communication with the public with these objectives: (1) encourage agents and brokers to sell insurance company products, (2) predispose customers to be ...
Policy that has an initial premium with flexible premiums thereafter. Within limits, a policy owner can select both the future amount and frequency of premiums, or can stop and start ...
Action by insurance companies and agents to voluntarily refrain from business conduct that is misleading, fraudulent, and in general would have adverse consequences for the purchaser of the ...
Workers' premiums in a contributory employee benefit plan. ...
Coverage in the event of property damage or destruction resulting from wrongful installation of equipment. ...
Insurance company whose corporate charter and bylaws prevent assessment of its policyowners, regardless of how adverse its loss and expense experience may become. ...
Risk distribution included by type of coverage, by kind of risk, and by geographical location. ...
Have a question or comment?
We're here to help.