Home Service Disclosure Model Act

What this document is

Home Service Disclosure Model Act 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.

• Home Service Disclosure Model Act (Model #920), Appendix A, "If You Change Your Mind ..."

  “• You can get a full refund of premiums you’ve paid if you return your policy and cancel your coverage. You must do this within the number of days stated on your policy’s front page. To return the policy for a full refund, send it back to the agent or the company.”

• Home Service Disclosure Model Act (Model #920), Section 3A, chapeau and paragraph (1)

  “A. In accordance with the disclosure simplification standards set forth in Section 8, at the time an insurance policy is issued through the home service distribution system, the insurer shall disclose at the time the policy is issued: (1) Whether the policyholder is allowed to change the method of...”

• Home Service Disclosure Model Act (Model #920), Section 3A, chapeau and paragraph (2), including subparagraphs (a) and (b)

  “A. In accordance with the disclosure simplification standards set forth in Section 8, at the time an insurance policy is issued through the home service distribution system, the insurer shall disclose at the time the policy is issued: (1) Whether the policyholder is allowed to change the method of...”

• Home Service Disclosure Model Act (Model #920), Section 3B, chapeau through paragraph (2)

  “B. In accordance with the disclosure simplification standards set forth in Section 8, an insurer issuing a small face amount life policy through the home service distribution system shall provide the disclosure included in Appendix A if at any point in time over the term of the policy the...”

• Home Service Disclosure Model Act (Model #920), Section 3B(3)

  “(3) If an illustration has been provided that meets the requirements of [insert reference to state equivalent to the Life Insurance Illustrations Model Regulation], the disclosure requirements of Subsection B are deemed to have been met.”

• Home Service Disclosure Model Act (Model #920), Section 4, chapeau and Subsections A and B

  “Section 4. Disclosure of Payment Methods In accordance with the disclosure simplification standards set forth in Section 8, at the time an insurance policy is issued through the home service distribution system, the insurer shall disclose: A. What premium savings may be realized by a different...”

• Home Service Disclosure Model Act (Model #920), Section 6

  “Section 6. Proof of Policy Delivery If an insurance policy marketed, sold or serviced through the home service distribution system is delivered by an agent, solicitor or broker, or an employee acting on the agent, solicitor or broker’s behalf, a receipt shall be signed by the purchaser and the...”

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