Naic: Model Group Life Insurance Definition And Group Life Insurance Standard Provisions Model Act
Definition of "Naic: model group life insurance definition and group life insurance standard provisions model act"
Model state law of the NAIC setting general standards for group life insurance contracts. It specifies which types of organizations can sponsor group life insurance plans and outlines the authority of the state regulator, including the power to require reasonable premiums. It contains consumer protection provisions such as a 31-day grace period for late payment of premiums, a clause making the policy not contestable after two years except for nonpayment of premium, and a conversion privilege, allowing an insured to convert a group insurance policy to an individual policy, regardless of state of health.
Popular Insurance Terms
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process of discovering sources of loss concerning the liability risk faced by individuals and business firms. The first step in risk management is to identify the causes of a loss by ...
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Coverage for an insured firm if its business debtors fail to pay their obligations. The insured firm can be a manufacturer or a service organization but it cannot sell its products or ...
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