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
Intent to defraud. An insured is required to answer truthfully all questions on the application. The insurance company can void a contract if it would not have issued a policy had it known ...
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Legal instrument posted by a contractor or craftsman to guarantee that completed work is free of flaws and will perform its intended function for a specified period of time. ...
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