Naic: Variable Life Insurance Model Regulation Act National Association Of Insurance Commissioners
Definition of "Naic: variable life insurance model regulation act national association of insurance commissioners"
Model state law that stipulates minimum benefits that must be contained in the policy provisions, restrictions on policy illustrations, minimum reserve requirements, and minimum qualifications necessary for the insurance company to sell variable life insurance (VLI). Some of the policy provisions, in addition to those found under the standard provisions, life insurance, particular to VLI required by the NAIC regulation include: if reinstatement of a VLI policy is to be effected, past-due premiums paid cannot be less than 110% of the increase in the policy's cash value immediately prior to the reinstatement; and loans against the cash value may be made on either a fixed or a variable interest rate for an amount up to 90% of the cash value.
Popular Insurance Terms
Removal of money from an individual life insurance policy or an employee benefit plan. A cash withdrawal from a life insurance policy reduces the death benefit by the amount of the ...
Attributes of a particular employee benefit plan. For example, a general characteristic of group life insurance is that the whole group is underwritten, not individual members. ...
Two basic kinds of policies sold by health insurance companies: medigap insurance (medicare supplementary insurance); and medicare wraparound ...
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 ...
Form that provides coverage for a business whose inventory has fluctuating values during the year. The amount of insurance coverage is adjusted monthly, quarterly, or annually to reflect ...
Life insurance policy option under which the dividends that have accrued may be applied to mature the policy as endowment insurance. ...
List and description of valuables, to be utilized in the event an insurance claim must be filed. Included should be: a detailed explanation of possessions that are of special value, such as ...
Transportation firm that carries only select customers' goods and is not obligated to carry any particular customer's goods even if that customer is willing to pay. Contrast with common ...
One that provides group health or pension benefits for a multiemployer plan. To lower the cost, small firms band together to take advantage of the economies of large group underwriting. ...
Have a question or comment?
We're here to help.