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
Insurance company that transfers a risk to a reinsurance company. ...
Protection required under the Motor Carrier Act of 1935. The policy covers the motor truck carrier if it is legally liable for the damage, destruction, or other loss of the customer's ...
Date after which losses may occur and be covered under a claims-made basis liability coverage. ...
Balance sheet and profit and loss statement of an insurance company. This statement is used by State Insurance Commissioners to regulate an insurance company according to reserve ...
Limits on reimbursement by an insurance company. Health insurance plans pay a doctor's full charge for service if it does not exceed the usual charge; that is, if it does not exceed the ...
Liability insurance coverage, primarily for shipyards for ocean marine risks, provided in much the same manner as umbrella liability insurance for nonmarine risks. Coverages may be provided ...
Savings accounts that have tax advantages combined with health insurance plans for the benefit of the employee. Both the employee and the employer are permitted to contribute to the MSA. ...
Coverage in the event that property is damaged or destroyed so that an insured cannot use the property for its intended purpose. For example, loss of use of a drill press because of ...
Cost of an annuity. Annuities are often paid for in a lump sum rather than annual or other periodic payments. This sum, which guarantees an income, usually for life, is called the purchase ...
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