Naic: Accelerated Benefits Guideline For Life Insurance National Association Of Insurance Commissioners
Definition of "Naic: accelerated benefits guideline for life insurance national association of insurance commissioners"
Model state law of the NAIC that stipulates that the prospective purchaser of a dread disease insurance policy (catastrophic illness insurance policy) must be provided a quantitative illustration of the accelerated payout's effect on the death benefit, policy loan, premiums, and cash value of the life insurance policy. In addition, the prospective purchaser must be furnished a summary of the accelerated benefits to be provided.
Popular Insurance Terms
Form provided for an inspection report. ...
Policy owner rights under a life insurance policy, including the right to name a new beneficiary at any time and to surrender the policy for its cash value. ...
Plan that provides protection in the event of legal actions resulting from charges of harassment, discrimination, wrongful termination of employment, defamation, and invasion of privacy. ...
Pure cost of protection, or the premium covering the present value of future claims (not including loadings for the various expenses). ...
Capacity of parties to an insurance contract to understand the meanings of their action in order for the contract to be valid. ...
Ratio of authorized control level risk-based capital of an insurance company to its total adjusted capital. This statistic determines regulatory action taken by the state's insurance ...
Study of an organization's operations, and real and personal property to discover existing and potential hazard and the actions needed to render these hazards harmless. ...
Amendment to the law that requires companies that manage retirement plans to permit terminating participants to directly transfer any plan distribution to the individual retirement account ...
Documentation of loss required of a policyowner by an insurance company. For example, in the event of an insured's death, a death certificate (or copy) must be submitted to the company for ...
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