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
Organization of local life underwriter associations representing life and health insurance agents on practices of selling and servicing life and health insurance products. NALU sponsors ...
Inland marine policy that protects an insured against loss for property that is shipped. One policy may be written for a single shipment, as for a family moving household goods, or it may ...
Amount subtracted from an annuity or from mutual fund proceeds payable to an annuity owner or mutual fund owner to reflect expense fees described in the annuity contract or mutual fund ...
Statutory liabilities minus the interest MAINTENANCE RESERVE minus the ASSET VALUATION RESERVE. ...
Coverage under a commercial workers compensation policy for situations in which an employee not covered under workers compensation laws could sue for injuries suffered under common law ...
High severity loss that does not lend itself to accurate prediction and thus should be transferred by the individual or business to an insurance company. ...
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Statute that makes it illegal in most states for an agent to rebate (return) any portion of his commission as an inducement for an applicant to purchase insurance from him. ...
Plan in which a public employer (such as a university, state, county, or municipality) sponsors a retirement savings program, named for the section of the Internal Revenue Code that permits ...
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