Naic: 1984 Model Replacement Regulation National Association Of Insurance Commissioners
Model state law of the NAIC that requires the insurance agent who is replacing the policy to: give the policyholder a replacement notice; forward a signed copy of the replacement notice to the replacing insurance company; and forward copies of all sales proposals made to the policyholder. Model also requires the agent who is making a conservation effort to provide the policyholder and insurance company a copy of all materials associated with that effort.
Popular Insurance Terms
Enacted on April 1, 1997; provides protection against creditors for irrevocable trusts provided that the trust has a grantor who is a discretionary beneficiary. In order for the statute of ...
Contract providing whole life insurance on the father and term insurance on the mother and all children, including newborns after reaching a stated age, usually 15 days. Children, upon ...
Mutual insurance association that issues insurance to its members on a nonprofit basis. Examples of such associations include fraternal societies, unions, and employee membership groups. ...
Procedure used to compare the costs of life insurance policies by having equal death benefits of the policies held constant and accumulating the differences in the premiums paid among the ...
Individual or organization that is a potential purchaser of an insurance product. ...
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To sell a specific amount of insurance. ...
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