Naic: Standard Nonforfeiture Law National Association Of Insurance Commissioners
Model state statute that governs terms for surrender of individual deferred annuities and cash value life insurance. This model, adopted by most states in the late 1970s and early 1980s, requires that annuity and whole-life contracts have certain minimum values that are not forfeited by policyholders even if a policy is canceled. A formula is given for computing the present value, cash surrender value, and paid-up annuity benefits. The model requires insurers to state clearly if an annuity has limited or no death benefits.
Popular Insurance Terms
Bonds that are less than investment grade plus the bonds that are in or approaching default, which comprise part of the insurance company's investment bond portfolio. ...
Difference in the amount of losses between the beginning and end of a time period. ...
Action by the owner of a cash value policy to relinquish it for its cash surrender value. Since the depression of the 1930s, companies have reserved the right to delay payment of a cash ...
Person insured under a blue CROSS hospitalization or blue shield medical health insurance plan. ...
Report that an insurance company must file annually with the State Insurance Commissioner in each state in which it does business. The statement shows the current status of reserves, ...
Fixed or stated amount of interest paid by a security expressed as a percent of the par value of the security. The longer the length of time until maturity, the higher the coupon rate to ...
Retirement plan under which a discrete increment of periodic retirement income is credited to an employee for each year of service with an employer. This increment is either a flat dollar ...
Specific powers that a prospective insured believes the insurance company has granted to its agent. For example, if the insurance company has furnished the agent a rate book, application ...
Type of guaranteed investments contract in which the interest credited is adjusted on a periodic basis to reflect the investment earnings of the underlying assets of the contract. ...
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