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
Circumstance in which there is a probability loss to personal property or real property resulting from property damage, destruction, or disappearance. ...
Proportion of losses incurred to premiums earned. This ratio indicates the amount of a premium dollar that is being consumed by losses. ...
Unexpected, unforeseen event not under the control of the insured and resulting in a loss. The insured cannot purposefully cause the loss to happen; the loss must be due to pure chance ...
Covers property damage and theft coverage in two areas not subject to a coinsurance requirement or a deductible. Coverage A. If the bank becomes liable for loss to a customer's property ...
Insurance coverage for pitfalls associated with travel. The coverage can be classified as follows: Trip Cancellation the travelers) must cancel the trip because of unforeseen circumstances ...
Act by a person who is terminally ill of cashing in a life insurance policy to pay for the necessary associated illness, medical expenses, and final wishes. This terminally ill person ...
Specific values of securities computed annually by the national association of insurance commissioners (NAIC) as guidelines and procedures for insurance companies in listing of their ...
Liquid property that can be converted easily to cash. For example, a policyowner can borrow readily against the cash value of a life insurance policy. ...
Phrase in most liability insurance policies that eliminates from coverage damage or destruction to property under the care, custody, and control of an insured. Such coverage is excluded ...
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