Naic: Model Act For Life And Health Insurance Policy Language Simplification National Association Of Insurance Commissioners
Model state law of the NAIC that requires that the insurance policy contain language that meets a readability test (usually, the Flesch readability test that uses a formula approach to measure ease of reading), print used is subject to a minimum size, and a table of contents or index is to be included.
Popular Insurance Terms
Section of the insurance company that administers claims for the losses incurred by the insured. ...
Allocation of monetary resources to equities. ...
Procedure under which the ceding company (the primary or fronting company) cedes the risk it has underwritten to its reinsurer with the ceding company retaining none or a very small portion ...
Form of cash refund annuity used by contributory pension or employee benefit plans. When employee participants die before receiving all of their contributions in the form of retirement ...
Estimate of maximum dollar value that can be lost under realistic situations. For example, a fire or other peril occurs, but a sprinkler system works and a fire department responds in good ...
Factor considered in determining amount of life insurance to purchase in order that funds will be available to pay the emergency expenses following the death of a family member. ...
Highest price investor is willing to pay for a stock or mutual fund unit and lowest price a seller of a stock or mutual fund is willing to accept. ...
Written contract between an insured and an insurance company stating the obligations and responsibilities of each party. ...
Individual in charge of an insurance company agency. The manager is an employee of the company and is usually compensated on a salary-and-bonus basis, the latter relating to premium volume ...
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