Naic: Information And Privacy Protection Model Act National Association Of Insurance Commissioners
Definition of "Naic: information and privacy protection model act national association of insurance commissioners"
Model state law designed to govern use of information collected from insurance applications. The law forbids any insurer or agent from impersonating someone else to gain information about an applicant, unless there is reasonable cause to suspect criminal activity. The law also provides that an insurer must give timely notice of renewal and other company policies. It also governs the method in which an insurer can gain information about a policyholder and the use that can be made of it. All applicants are allowed access to information that the insurer has collected about them, the right to correct it if wrong, and to learn the reason they were turned down for insurance.
Popular Insurance Terms
Risk incurred by the insurance company after it makes the commitment to make the loan at some future time and the borrower may not accept the loan at that time. ...
Phrase referring to constructive relationship, in which insurance provides society with benefits such as security, savings, encouragement of investment, and reduction in prices of goods to ...
Trade association of commercial insurance brokers whose objective is to further the interests of these brokers through education, lobbying, and adherence to professional ethics. ...
Paid-in surplus, revaluation surplus, and donated surplus. This surplus includes all sources of surplus with the exception of earned surplus. ...
Extremely aggressive behavior by an insurance agent to convince a prospect to purchase the insurance product without due regard for the prospect's ability to pay the premiums and/or needs ...
Risk-creating device as compared with insurance, which is a risk-reducing or -eliminating device. This is a form of speculative risk. ...
One-year coverage that is renewable at the end of each year. Since the group plan is subject to experience rating, the premium rate upon renewal is based on such factors as the loss record ...
Tables used to determine the present value of a sum in the future by taking into consideration the assumed interest rate and time period involved. ...
Cost of replacing damaged or destroyed property with comparable new property, minus depreciation and obsolescence. For example, a 10-year-old living room sofa will not be replaced at ...
Have a question or comment?
We're here to help.