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
Automatic right of an insured to renew a policy until a given date or age except under stated conditions. It is extremely important for the purchaser to review the conditions for renewal in ...
Measure of the sensitivity of the insurance company's liability for the resultant higher expense rates than charged for in the premium. ...
First historical mortality table used for the calculation of premium rates for group annuities. This table was subsequently replaced by the group annuity table, 1971. ...
Conditions found in employee benefit plans such as pensions, under which minimum requirements, such as 20 years of service, must be met by an employee to qualify for benefits. ...
Maritime acts resulting in a liability circumstance falling under common law and statutory law. ...
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Condition that results from injury or disease that is not job related. Workers compensation applies to employees disabled by on-the-job injuries or disease. In addition, five states require ...
Provision found in a life insurance policy that provides that certain benefits will be paid in the event the insured becomes totally and permanently disabled from an accident incurred or ...
Limit allowed by law on employee salary reduction plans. Many pension plans, as well as the popular 401 (k) plan, allow employees to set aside pre-tax dollars in a company-sponsored ...
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