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
Plan in which a public employer (such as a university, state, county, or municipality) sponsors a retirement savings program, named for the section of the Internal Revenue Code that permits ...
Membership organization, based in Chicago, Illinois, consisting principally of property and casualty insurance companies. Its objectives are to influence the public and the legislators on ...
Billing by an administering agency for expenses associated with administering a group employee benefit plan. ...
Disability in which a wage earner is forever prevented from working because of injury or illness suffered. ...
Coverage for ships in port for a lengthy stay and/or those that are under repair. Insures on an all risks basis to include the exposures associated with the ship moving from one dock to ...
Personal and business property insurance that combines in one policy several types of property insurance covering numerous perils. However, no liability insurance is provided. ...
Range of administrative and risk management services that can be purchased by an insured. Increasingly, insurance can be purchased unbundled so that policy-holders may pay for straight ...
Annual premium expressed on a proportionate basis such as monthly, quarterly, or semiannually. ...
Proof of death of the insured form filed with the insurance company establishing the rights of the beneficiary to the death benefit. ...
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