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
Company owned by its policy owners; no stock is available for purchase on the stock exchanges. ...
Local life insurance office that sells and services ordinary life insurance as well as other forms of life insurance except debt insurance. ...
Term used in the reinsuring of disability income insurance policies in that, after an extended period of time expires (in addition to the elimination period found in the disability income ...
Something that cannot be changed. In life insurance, a beneficiary who has been named as irrevocable cannot be changed without his or her formal (written) permission. ...
Same as term Fixed Dollar Annuity: annuity that guarantees that a specific sum of money will be paid in the future, usually as monthly income, to an annuitant. For example, a $1000-a-month ...
Basis for calculating life insurance premiums and benefits using current interest and mortality rates, rather than historic rates. Current assumptions are critical to interest-sensitive ...
Payment to a broker, master general agent, general agent, or agent on any particular line of insurance written by other agents within a particular geographical area. ...
Actuarial method of calculating benefits and their costs for all the employees as a group rather than for each individual employee. The costs of the benefits are measured in the form of a ...
Policy similar to that of an individual universal life insurance policy except that the coverage is provided (up to a limit) without the requirement of the submission of evidence of ...
Have a question or comment?
We're here to help.