Dictionary of Insurance Terms: NAIC: model bill to provide for the regulation of credit life insurance national association of insurance commissioners
NAIC: model bill to provide for the regulation of credit life insurance national association of insurance commissioners
model state law of the NAIC that stipulates that the purchaser (debtor) of a credit life insurance (creditor life insurance) policy must be provided a descriptive policy; the policy must terminate if the indebtedness is discharged or if the indebtedness is transferred to another creditor; there must be complete disclosure of the premium charges to the debtor, and any unearned premiums must be refunded to the debtor.
