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
Coverage outside an insured's home for personal items usually carried or worn while traveling. Protection is for personal property (apparel and jewelry), not for real property or property ...
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difference between the face value of a permanent life insurance policy and its accrued cash value. The pure cost of protection is based on this difference. For example, if the face value ...
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Same as term Contingent Business Income Coverage Form: coverage for loss in the net earnings of a business if a supplier business, subcontractor, key customer, or manufacturer doing ...
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