National Association Of Insurance Commissioners (NAIC)
Membership organization of state insurance commissioners. One of its goals is to promote uniformity of state regulation and legislation as it concerns the insurance industry. The NAIC opposes federal regulation of insurance. The organization has achieved considerable national uniformity through the adoption of a uniform blank for insurance companies' annual financial reports, a zone system for the triennial examinations of insurance companies, a standard valuation law for reserves, standard non forfeiture benefits, and model laws for valuation of the insurance company's securities.
Popular Insurance Terms
Smallest number of individuals for which an insurance company will issue a policy. A minimum number is required because the fixed expenses of placing a policy on the books exist regardless ...
disposition of a claim or policy benefit. Policies may specify time limits for payment of claims or benefits and designate various methods of settlement at the option of the insurer or the ...
Principle of surplus distribution as the result of excess funds above the amount required to establish legal reserves. These excess funds are generated from three sources: mortality ...
Trade association whose membership is comprised of section 403(b) plan providers and practitioners. This association has an educational institute that grants the Certified Specialist in ...
Approach that maintains injury or sickness begins when it is first detected by an obvious appearance. This argument is used in determining if liability insurance is afforded in a particular ...
Forgery insurance covering securities issues such as stocks and bonds. They protect the issuer of securities against forgery of the securities. ...
A valuation of risk of an individual or organization. ...
Formerly an employer's defense under which an injured employee had to bring a cause for action against the fellow employee causing the injury, not the employer. Workers Compensation laws ...
Separate trust established by a charitable entity whose purpose is to receive contributions from numerous donors. All the donors' contributions are commingled. Each donor can retain a ...
Have a question or comment?
We're here to help.