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
Coverage provided for the insured's personal property in the event the insured incurs a loss resulting from theft, burglary, robbery, or malicious mischief, regardless of whether the loss ...
Provision of liability policies and the liability sections of package insurance policies, such as the personal automobile policy (pap), that pay medical expenses without regard to fault. ...
Coverage in the event an employee is kidnapped from an insured business's premises and forced to return to aid a criminal in a theft. ...
Pension funding agreement under which funds paid into a retirement plan are not currently allocated to purchase retirement benefits. The funds of one plan can not be commingled with funds ...
Method of underwriting by which one or a group of Lloyd's underwriters write business on behalf of a number of Lloyd's syndicates and other insurance companies. Among the benefits of ...
Property or liability coverage that provides benefits (usually after a deductible has been paid by an insured) up to the limits of a policy, regardless of other insurance polices in effect. ...
Curve that results when yields on short-term treasury issues exceed those on long-term government debt. A widely accepted theory holds that when short-term and intermediate term issues are ...
Deleveraging of the insurance company's balance sheet. ...
Extension of coverage available under the Standard Fire Policy. The standard policy only covers the perils of fire and lightning. The endorsement covers riot, riot attending a strike, civil ...
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