What does naic mean in insurance

Legal - Researches and analyzes developments in insurance law, provides advice to state insurance regulators and serves as in-house counsel to the association.

what does naic mean in insurance

Authorized Control Level Risk Based Capital - theoretical amount of capital plus surplus an insurance company should maintain. These individuals work on behalf of the customer and are not restricted to selling policies for a specific company but commissions are paid by the company with which the sale was made.

Coinsurance - A clause contained in most property insurance policies to encourage policy holders to carry a reasonable amount of insurance. Non-controlled stock insurers - insurers in which a parent company has: FAIR Plan - Fair Access to Insurance Requirements - state pools designed to provide insurance to property owners who are unable to obtain property insurance through conventional means.

what does naic mean in insurance

Mutual Insurance Holding Company - a company organized as a mutual and owning a capital stock insurer or insurers for the benefit of pooling risk for many people, typically those in the same industry. Errors and Omissions Liability Professional Liability other than Medical - liability coverage of a professional or quasi professional insured to persons who have incurred bodily injury or property damage, or who have sustained any loss from omissions arising from the performance of services for others, errors in judgment, breaches of duty, or negligent or wrongful acts in business conduct.

what does naic mean in insurance

Loss Payable Clause - coverage for third party mortgagee in case of default on insured property, secured by a loan, that has been lost or damaged. Title Insurance - coverage that guarantees the validity of a title to real and personal property. Ceding Company - an insurance company that transfers risk by purchasing reinsurance.

National Association of Insurance Commissioners (NAIC) Law and Legal Definition

Risk Retention Group - group-owned insurer organized for the purpose of assuming and spreading the liability risks to its members. The policyholder selects the accounts into which the premium payments are to be made. Structured Settlements - periodic fixed payments to a claimant for a determinable period, or for life, for the settlement of a claim.

Homeowners Insurance - a package policy combining real and personal property coverage with personal liability coverage. Statement Value - the Statutory Accounting Principle book value reduced by any valuation allowance and non-admitted adjustment applied to an individual investment or a similar group of investments, e.

what does naic mean in insurance

Benefits can be paid as expense incurred, per diem or as a principal sum. The employer self-funds a fixed percentage e. These contracts with CMS provide reimbursement through pre-determined monthly amount per member based on a total estimated budget.

Credit Health Insurance - policy assigning creditor as beneficiary for insurance on a debtor thereby remitting balance of payment to creditor should the debtor become disabled.

National Association of Insurance Commissioners (NAIC)

Reserve Credit - reduction of reserve amounts for reinsurance ceded. Comprehensive General Liability CGL - coverage of all business liabilities unless specifically excluded in the policy contract. Insurance The History of Insurance in America. Owner Occupied - homeowners insurance sold to owners occupying the described property.

what does naic mean in insurance

Self-Insurance - type of insurance often used for high frequency low severity risks where risk is not transferred to an insurance company but retained and accounted for internally. Gross Paid-in and Contributed Surplus - amount of capital received in excess of the par value of the stock issued. Individual Annuities — Special - contracts with certain noteworthy attributes. Underwriter - person who identifies, examines and classifies the degree of risk represented by a proposed insured in order to determine whether or not coverage should be provided and, if so, at what rate.