NAIC Life Insurance Multiple Policy Model Regulation (#615)

What this document is

NAIC Life Insurance Multiple Policy Model Regulation (#615) is a naic model law published by National Association of Insurance Commissioners (NAIC). It is one of the documents that insurance license exam questions are written from, including life & health practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• NAIC Life Insurance Multiple Policy Model Regulation (#615), Section 4F

  “Claim records shall be maintained that demonstrate that the insurer has followed the written claim processing standard, and methodology required by this section.”

• NAIC Life Insurance Multiple Policy Model Regulation (#615), Section 4B

  “The company shall investigate additional policy files identified by the search, for which liability is not immediately verified, and complete a determination of liability no later than six (6) months following the claim filing date.”

• NAIC Life Insurance Multiple Policy Model Regulation (#615), Section 4A

  “Upon submission of a death claim form pursuant to an insurance contract, insurers shall conduct a reasonable search for other policies on the decedent’s life.”

• NAIC Life Insurance Multiple Policy Model Regulation (#615), Section 3

  “Companies selling group life insurance policies or credit life insurance policies for which the company does not maintain records of the certificate holders shall be exempt from the requirements of this regulation.”

• NAIC Life Insurance Multiple Policy Model Regulation (#615), Section 4C

  “Where such other policies exist, the insurer shall notify the policy owner (if different than the insured) and the beneficiary and arrange for payment pursuant to the policies.”

• NAIC Life Insurance Multiple Policy Model Regulation (#615), Section 1

  “The purpose of this regulation is to set forth guidelines for insurers to utilize to search for additional policies or insurance coverages on the life of an insured upon notification of death of the insured.”

• NAIC Life Insurance Multiple Policy Model Regulation (#615), Section 4E

  “The company, as a part of their claim processing standard and methodology, shall inquire for every claim filed with the company for death benefits about other names by which the insured may have been known, such as maiden name, hyphenated name, nickname, derivative form of first and middle name or an alias.”

• NAIC Life Insurance Multiple Policy Model Regulation (#615), Section 4D

  “Insurers shall adopt a written claim processing standard and methodology that will allow the company to process a death or endowment or other claim being presented against a life insurance or accidental death or dismemberment policy;”

• NAIC Life Insurance Multiple Policy Model Regulation (#615), Section 6

  “Section 6. Effective Date This regulation shall become effective [insert date] and shall apply to claims for life insurance policies that may provide death, endowment, maturity or other benefits due to the death of the named insured, or endowment of an existing policy or any accidental death and...”

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