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
Same as term Exclusions: provision in an insurance policy that indicates what is denied coverage. For example, common exclusions are: hazards deemed so catastrophic in nature that they are ...
Provision in corporate life insurance policies that allows coverage to be transferred to a new individual with proof of insurability, for a premium appropriate to the age of the new ...
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Coverage for paintings, pictures, etchings, tapestries, art glass windows, antique furniture, coin collections, and stamp collections owned by individuals and businesses. These works are ...
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In life insurance, single payment instead of a series of installments. ...
Payment due on the renewal of an insurance policy. The premium may be adjusted up or down to reflect the loss experience of the underwriting classification to which the insured belongs. ...
Protection given to life insurance beneficiaries by state laws, under which the benefits of a life insurance policy usually cannot be attached by creditors of an insured and/or beneficiary. ...
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