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
Information needed for underwriting a life insurance policy, such as an applicant's age, weight, height, and build; personal and family health record; occupation; and personal habits. These ...
Endorsement to an automobile policy that pays specified amount for towing and related labor costs. ...
process of discovering sources of loss concerning the liability risk faced by individuals and business firms. The first step in risk management is to identify the causes of a loss by ...
Association whose membership is composed of surety bonding companies. The association's primary purpose is to act as a rating bureau for member companies by collecting statistics and ...
Same as term Direct Response Marketing: method of selling insurance directly to insureds through a companies own employees, through the mail, or at airport booths. The company uses this ...
Insurance company that specializes in underwriting casualty insurance. ...
Statement made by agent or broker in written form attesting to the insured that the insurance policy is in effect. This statement is prepared by the agent or broker, unlike the binder, ...
Funds receivable or payable that have not been paid in a timely manner, commercial credit insurance protects an insured against declines in the value of receivables due to insolvency of a ...
Conducting of maritime suits involving ocean marine insurance policy claims before an admiralty court. ...
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