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
Purchasing bond investments that mature at different time intervals. ...
Time interval between the date benefits end under Social Security and the date these benefits resume. For example, survivor benefits are paid only as long as the parent (if less than age ...
Professional designation earned after the successful completion of four national examinations given by the insurance institute of America (IIA). Covers such areas of expertise as insurance ...
No limitation under a contributory pension plan of an employee's right to receive vested benefits, regardless of whether or not the employer withdraws contributions. ...
Income paid to a worker who is temporarily disabled by an injury or sickness that is not work related. Compare with workers compensation benefits, which are available only to workers ...
In property insurance, contract section providing for reimbursement for removal of debris resulting from an insured peril. The amount of reimbursement under the homeowners insurance policy ...
1961 federal legislation that allows the U.S. Export-Import Bank to set up insurance protection for U.S. exporters against credit risk and political risk in order to help make U.S. exports ...
Means of setting life insurance reserves based on expected mortality rates as reflected in a mortality table. ...
Amount of the loss absorbed by an insurance company after deducting any reinsurance applicable to the loss, as well as subrogation and ABANDONMENT AND SALVAGE rights. ...
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