Naic: Model Life Insurance Solicitation Regulation National Association Of Insurance Commissioners
Definition of "Naic: model life insurance solicitation regulation national association of insurance commissioners"
Model state regulation that governs method of selling life insurance to prevent fraud or misrepresentation by agents or insurers. A life insurance disclosure model regulation to help buyers understand the basic policy features and evaluate costs of similar insurance plans was adopted on an interim basis in 1973 and revised in 1976 and 1983. Today, insurers must provide a buyer's guide and a policy summary to prospective buyers. Insurers must keep files of authorized documents; agents must identify themselves and the company they represent and cannot represent themselves as financial planners or investment advisers unless they in fact are. In addition, reference to a dividend or any non guaranteed item must be identified as such.
Popular Insurance Terms
Interest adjusted method that measures the cost of life insurance. Named for the late distinguished actuary M. Albert Linton. This method compares a whole life policy with a combination of ...
Term meaning that an exporter of goods that are damaged or destroyed during international shipment relinquishes responsibility for the damage or destruction once the goods leave the point ...
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Fund that concentrates primarily on short-term government securities, certificates of deposit with maturities less than one year, and high-quality interest-bearing corporate debt. The fund ...
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Still with life. This is a life insurance term used to describe the living benefits available under a life insurance policy such as a monthly retirement payment to an insured. ...
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Obligations of shipowners for water polluted by spills from their ships. If a ship discharges oil or other polluting or hazardous substances into the water, the shipowner is responsible ...
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