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
Proposal by Roger Kenney, an insurance journalist, that in order to maintain the solvency of a property and casualty insurance company, insurance premiums written should not exceed more ...
Plan administered through a primary private life insurer and reinsured through other private life insurers, providing a death benefit equal to: one year's salary for active employees at ...
Cancellation of a policy by an insurance company. ...
1961 federal legislation that allows the U.S. Export-Import Bank to set up insurance protection for U.S. exporters against credit risk and political risk in order to help make U.S. exports ...
Additional coverage available on most property insurance policies through the extended coverage endorsement. Windstorms, including hurricanes, cyclones, and high winds, are not among the ...
Same as term Accidental Death Clause: in a life insurance policy, benefit in addition to the death benefit paid to the beneficiary, should death occur due to an accident. In double ...
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 ...
Annuity in which premium payments are used to purchase accumulation units, their number depending on the value of each unit. The value of a unit is determined by the value of the portfolio ...
Insurance company established by a trade group or other association to provide selected types of primary insurance and/or liability insurance for members of the association and access to ...
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