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
Allocation of funds in a retirement plan. ...
Period when the accumulated assets in an annuity are returned to the annuitant. An annuity may be purchased either with a single payment or with many payments over the life of the contract. ...
Coverage for personal effects of a tourist, including apparel, books, toilet articles, watches, jewelry, luggage, portable typewriters, photographs and photography equipment and supplies. ...
Same as term Concurrency: in which at least two insurance policies provide identical coverage for the same risk. ...
Types of contracts that insure building contractors for damage to property under construction. The completed value form requires a 100% coinsurance because insurance carried must equal the ...
Same as term Fortuitous Loss: loss occurring by accident or chance, not by anyone's intention. Insurance policies provide coverage against losses that occur only on a chance basis, where ...
Losses representing claims paid. ...
Shortened report showing pertinent insurance policy information, copies of which are distributed in the insurance company's home office and branch offices, as well as to agents and brokers. ...
Number of times losses occur, and their severity. These statistics measure expectation of loss, and are critical in establishing a basic premium or the pure cost of protection that is based ...
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