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.

BREAKING DOWN '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. National Association of Insurance ...

    A nationwide organization whose main responsibility is to protect ...
  3. Accident And Sickness Insurance ...

    This is a Canadian government statute that defines the acceptable ...
  4. Sunrise Provision

    Sunrise provision is a contract provision that extends coverage ...
  5. Convention Statement

    A document filed by an insurance or reinsurance company that ...
  6. National Association of Investors ...

    A non-profit organization that is dedicated to providing investing ...
Related Articles
  1. Insurance

    Do You Need Casualty Insurance?

    Find out how different types of coverages can protect you and which policy is right for you.
  2. Financial Advisor

    Buying a Life Insurance Policy? Read This First

    Knowing who needs life insurance, how it works and the different types of insurance can help consumers make informed decisions about this product.
  3. Insurance

    The History Of Insurance In America

    Insurance was a latecomer to the American landscape, largely due to the country's unknown risks.
  4. Insurance

    4 Reasons Why Waiting To Buy Life Insurance Is a Bad Idea

    Understand the benefits of applying for and securing life insurance coverage while you are young and healthy, and learn the cost of waiting to get coverage.
  5. Insurance

    Understanding Your Insurance Contract

    Learn how to read one of the most important documents you own.
  6. Financial Advisor

    Advising FAs: Explaining Life Insurance to a Client

    Life insurance was initially designed to protect the income of families, particularly young families in the wealth accumulation phase, in the event of the head of household's death.
  7. Financial Advisor

    Life Insurance Replacement: Rules, Laws & Regulations

    When replacing a life insurance policy, a lot can go wrong for the consumer. Find out how life insurance replacements are regulated by the states.
  8. Insurance

    Bundle Your Insurance For Big Savings

    Bundling your insurance can save you money and time. Read on to see how get the most out of multiline insurance discounts.
  9. Insurance

    5 Insurance Policies Everyone Should Have

    Insurance policies come in a wide variety of shapes and sizes. Shop carefully and the right policies will go a long way towards helping you protect your assets.
  10. Investing

    Methods of Handling Risk: A Quick Guide

    Discover the five methods to manage pure risk, and learn how they can be implemented to mitigate risk with health and life insurance.
RELATED FAQS
  1. Can your insurance company cancel your policy without notice?

    Learn about your rights as an insured when it comes to your insurance policy being canceled, including how to access your ... Read Answer >>
  2. What level of reserve ratios is typical for an insurance company to protect against ...

    Read about the NAIC-inspired risk-based capital, or RBC, requirements imposed on American insurance companies to safeguard ... Read Answer >>
  3. What are some examples of industries that practice price discrimination?

    Understand the various types of insurance coverage offered in the insurance marketplace, and learn why each policy should ... Read Answer >>
  4. What are examples of the largest companies in the insurance sector?

    Read about some of the largest and most influential companies in the insurance sector, a list that includes Berkshire Hathaway ... Read Answer >>
Hot Definitions
  1. Smart Home

    A convenient home setup where appliances and devices can be automatically controlled remotely from anywhere in the world ...
  2. Efficient Frontier

    A set of optimal portfolios that offers the highest expected return for a defined level of risk or the lowest risk for a ...
  3. Basis Point (BPS)

    A unit that is equal to 1/100th of 1%, and is used to denote the change in a financial instrument. The basis point is commonly ...
  4. Initial Public Offering - IPO

    The first sale of stock by a private company to the public. IPOs are often issued by smaller, younger companies seeking the ...
  5. Border Adjustment Tax

    A tax levied on goods based on where they are sold – exported goods are exempt from tax; those imported and sold in the ...
  6. Profit and Loss Statement (P&L)

    A financial statement that summarizes the revenues, costs and expenses incurred during a specified period of time, usually ...
Trading Center