Uniform Provisions
Definition of "Uniform provisions"
Language adopted by the national association of insurance commissioners (naic) and recommended or required by state law. While they rarely dictate the language of policies, states often prescribe mandatory or optional policy minimums, or may forbid certain provisions. Therefore, while life and health benefits may vary widely, for example, policyholders are given certain uniform rights, like grace periods for paying premiums and loan and surrender values.
Popular Insurance Terms
Cost per unit of insurance. ...
Waiver of an impairment of an applicant for health insurance by attaching an endorsement to the health insurance policy stating that the policy will pay no benefits in connection with the ...
Provision that the equity of an insured in a life insurance policy cannot be forfeited. There are four benefits a policyholder can select under the option: cash surrender value, extended ...
Same as term Buy-Back Deductible: deductible eliminated through the payment of an additional premium, resulting in first-dollar coverage under the policy. ...
Special policy blank issued by an insured for individual shipments or other purposes under an open policy. The open policy allows an insured to buy protection for all marine business for an ...
services provided in an employee benefit plan such as a pension plan. An employer provides the clerical staff to operate the plan, in effect acting as custodian. The trustee provides ...
Insurance for private pleasure boats. Coverage is not standard, but is generally broken down into insurance for yachts, including sailboats; boats with inboard motors under marine ...
Case where an insurance company is placed by the state court under the control of the state insurance department. Claims are paid in the order filed until the insurance company's ability to ...
Coverage for an insured manufacturer for claims after a manufactured product has been sold and/or a claim results from an operation which the manufacturer has completed. ...
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