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
Retirement payments to be credited for future years of service with an employer. ...
Coverage by at least two insurance policies providing the same coverage for the same risk. ...
Insurance salesperson who is licensed to place coverage with an insurance company that is not licensed to do business in the state of domicile of the broker. The excess line coverage must ...
Exception in general liability policies for all expenses associated with product recall. In recent years, there have been increasing instances of federal recalls. In addition, there have ...
Settlement of a dispute that arises when two or more insurers cover a single loss, and there is a question concerning the amount each is responsible to pay. The companies are bound by the ...
Basic employee benefit under which an employer buys a master policy and issues certificates to employees denoting participation in the plan. Group life is also available through unions and ...
Model state law providing guidelines by regulators for valuation of securities on the books of insurance companies. The act has two sections: one for valuation of fixed rate bonds and debt ...
Coverage when residential property does not qualify according to the minimum requirements of a homeowner's policy, or because of a requirement for the insured to select several different ...
Federal legislation passed in 1988 (repealed November 23, 1989) that significantly increased the benefit amounts provided under medicare, both Part A and Part B, in the following manner: ...
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