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
Provision used to avoid duplication of coverage in other policies; to eliminate coverage for property under the care, custody, and control of an insured business; as well as to avoid ...
Investment risk associated with the possibility that there is a rise in the interest rates after a fixed income security has been purchased resulting in a decline in that security's price. ...
same as term Lost Policy Receipt: life insurance company form to be signed by a policyholder who wishes to surrender a policy that has been lost. The signed receipt then becomes evidence ...
Charging the insured an amount that is above the actual premium required for placing and maintaining the policy in force. ...
Same as term Excess of Loss Reinsurance: method whereby an insurer pays the amount of each claim for each risk up to a limit determined in advance and the reinsurer pays the amount of the ...
Type of accounting method, in life insurance, designed to match revenues and expenses of an insurer according to principles designed by the Financial Accounting Standards Board and the ...
Agreement by the insured that, simply because the insurer investigates and determines a value for the claim, the insurer does not admit liability for the claim. ...
Branch of knowledge dealing with the mathematics of insurance, including probabilities. It is used in ensuring that risks are carefully evaluated, that adequate premiums are charged for ...
Interest earned on dividends from a participating life insurance policy left on deposit with the insurance company and subject to taxation. ...
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