National Association Of Insurance Commissioners (NAIC)
Definition of "National association of insurance commissioners (NAIC)"
Membership organization of state insurance commissioners. One of its goals is to promote uniformity of state regulation and legislation as it concerns the insurance industry. The NAIC opposes federal regulation of insurance. The organization has achieved considerable national uniformity through the adoption of a uniform blank for insurance companies' annual financial reports, a zone system for the triennial examinations of insurance companies, a standard valuation law for reserves, standard non forfeiture benefits, and model laws for valuation of the insurance company's securities.
Popular Insurance Terms
Determination that investments by parents in their children's education through the purchase of Series EE Savings Bonds, which generate interest income, are tax-exempt if the proceeds are ...
Nonparticipating life insurance under which the first few annual premiums are smaller than would be the case under a traditional nonparticipating policy. While the maximum amount of these ...
Work-related accident. Occupational accidents that injure employees are the responsibility of the employer and are covered by workers compensation insurance. In recent years, the term ...
Addition to reflect exposures with a greater probability of loss than standard exposures. For example, insuring a munitions factory obviously requires a premium greater than that required ...
Payments due to an insurance company but not yet paid. ...
Coverage in which premiums are collected monthly on an ordinary life insurance policy. ...
Arrangement in which individuals serve as trustees of their own living trust and name another party (successor trustee) to manage the assets if they should become incapacitated. In this ...
Right to insurable interest in property such as the right of a secured creditor in the property pledged as security. ...
Protection in the event of accidental discharge, leakage, or overflow of water from plumbing systems, heating, air conditioning, and refrigerating systems, and rain or snow through broken ...
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