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
Mistake made during the manufacturing process of a product that results in an inherent defect in the product. This mistake is covered under products and completed operations insurance. ...
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Basis for calculating life insurance premiums and benefits using current interest and mortality rates, rather than historic rates. Current assumptions are critical to interest-sensitive ...
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Reinsurance ceded to an insurance company that is a non admitted insurer. ...
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Employer, association, labor union, or other group ...
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Organization that develops and administers educational materials and examinations for the life insurance industry. It awards the fellow, life management institute (FLMI) designation to ...
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