Uniform Individual Accident And Sickness Policy Provisions Act

AAA

DEFINITION of 'Uniform Individual Accident And Sickness Policy Provisions Act'

A regulation that stipulates that individual health insurance policies must contain certain provisions before being valid. The Uniform Individual Accident and Sickness Policy Provisions Act was created by the National Association of Insurance Commissioners (NAIC) and is required by each individual state. This act was created to establish a standard of quality and ensure health insurance policies have an adequate level of coverage by requiring that certain provisions be written into every policy.

INVESTOPEDIA EXPLAINS 'Uniform Individual Accident And Sickness Policy Provisions Act'

The insurance industry is state-regulated and overseen by the NAIC. The NAIC is made up of elected representatives from each state to ensure that insurance companies are conducting business in a fair and ethical manner. Their goals are to protect the public, promote competition, ensure consumers are being treated fairly, ensure the insurance company is functioning properly, and support and improve regulations. The Uniform Individual Accident and Sickness Policy Provisions Act is just one of many ways the NAIC actions have improved the insurance market as a whole.

RELATED TERMS
  1. Uniform Policy Provisions, Health ...

    A provision that states that insurance companies must use standard ...
  2. Provision

    A legal clause or condition contained within a contract that ...
  3. National Association of Insurance ...

    A nationwide organization whose main responsibility is to protect ...
  4. Insurance

    A contract (policy) in which an individual or entity receives ...
  5. Health Insurance

    A type of insurance coverage that pays for medical and surgical ...
  6. SENTRI

    This U.S. program grants pre-approved travelers access to a faster ...
Related Articles
  1. Home & Auto

    Health Insurance: Paying For Pre-Existing Conditions

    If you bring a pre-existing condition to a new insurer, you may find yourself without coverage.
  2. Insurance

    Get Sale Prices On Healthcare With Discount Plans

    Medical discount plans can help the uninsured or underinsured afford better healthcare.
  3. Insurance

    Buying Private Health Insurance

    Getting your own policy isn't easy or cheap but in some cases, it's well worth the effort.
  4. Insurance

    Services That Health Insurers Often Decline

    Learning how to navigate health insurance pitfalls will make you a more educated healthcare consumer.
  5. Insurance

    Filling In The Medicare Gaps

    Basic Medicare is not a perfect fit for everyone - sometimes, extra policies are required to suit a person's needs.
  6. Economics

    Are Greece’s Worries Almost Over?

    Last week ended with the news that Greece and the European Union (EU) finance ministers struck a deal to temporarily extend the Greek bailout program.
  7. Economics

    Why Is Ukraine At War? A Russian Rivalry With West

    Huge power games which are being played behind the Ukrainian conflict are rooted in a previous revolution, a past Cold War, and an old Russia-West rivalry.
  8. Economics

    Does A Junk Rating Reflect Russia's Fundamentals?

    Moody’s, like other credit rating agencies, has downgraded Russia’s sovereign debt rating to non-investment grade, but does this reflect Russia's economy?
  9. Retirement

    Healthcare: What Are You Really Paying For?

    Long-term care costs rise fast and long-term care providers bundle services together, making it tougher for families to understand what they are paying for
  10. Retirement

    4 Myths You Don’t Know About Medicare

    Here are four common misconceptions about Medicare, the federal government’s health insurance program for people who are 65 and older or disabled.

You May Also Like

Hot Definitions
  1. Subsidy

    A benefit given by the government to groups or individuals usually in the form of a cash payment or tax reduction. The subsidy ...
  2. Sunk Cost

    A cost that has already been incurred and thus cannot be recovered. A sunk cost differs from other, future costs that a business ...
  3. Technical Skills

    1. The knowledge and abilities needed to accomplish mathematical, engineering, scientific or computer-related duties, as ...
  4. Prepaid Expense

    A type of asset that arises on a balance sheet as a result of business making payments for goods and services to be received ...
  5. Gordon Growth Model

    A model for determining the intrinsic value of a stock, based on a future series of dividends that grow at a constant rate. ...
  6. Cost Accounting

    A type of accounting process that aims to capture a company's costs of production by assessing the input costs of each step ...
Trading Center