Naic: Variable Life Insurance Model Regulation Act National Association Of Insurance Commissioners
Definition of "Naic: variable life insurance model regulation act national association of insurance commissioners"
Model state law that stipulates minimum benefits that must be contained in the policy provisions, restrictions on policy illustrations, minimum reserve requirements, and minimum qualifications necessary for the insurance company to sell variable life insurance (VLI). Some of the policy provisions, in addition to those found under the standard provisions, life insurance, particular to VLI required by the NAIC regulation include: if reinstatement of a VLI policy is to be effected, past-due premiums paid cannot be less than 110% of the increase in the policy's cash value immediately prior to the reinstatement; and loans against the cash value may be made on either a fixed or a variable interest rate for an amount up to 90% of the cash value.
Popular Insurance Terms
Section of the insurance policy that lists all of the provisions that are applicable to the insurance coverage provided under that section. This section is attached to the policy jacket ...
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Section of an insurance company that evaluates claims for their subsequent payment. ...
Coverage for the federal government in the event of loss due to dishonest acts of federal government employees. ...
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Demand without foundation, such as a claim submitted to an insurance company by an insured who caused a loss, or for a loss that never occurred. ...
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