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
Marine insurance contract clause that limits an insurance company's liability. The company agrees to pay only losses that exceed a percentage or flat dollar amount; partial (below this ...
Employer's obligation to fund a pension plan for the time period when employees were qualified to participate but the plan was not yet established. For example, a pension plan is ...
Same as term Assignment Clause: feature in a life insurance policy allowing a policyowner to freely assign (give, sell) a policy to another or institution. For example, in order to secure a ...
Same as term Explosion, Collapse, and Underground Exclusion: inherent danger resulting from certain construction procedures that are excluded from general business liability policies. ...
worth of each accumulation unit at the end of each valuation period for a variable annuity. This value is similar to that of the net asset value for a mutual fund. ...
Specific powers granted by the principal (the insurance company) to the agent in the contract. ...
Record of debit or industrial insurance policies. ...
Exposure created by an individual acting as a host serving alcoholic beverages at no charge to persons already intoxicated, resulting in these intoxicated individuals causing property ...
Company owned by its policy owners; no stock is available for purchase on the stock exchanges. ...
Have a question or comment?
We're here to help.