Secondary Plan Definition
Multiple payments for the same claim under two or more Health insurance policies that cover the insured and his or her dependents is discouraged under this arrangement. One plan will become the primary provider, the other a secondary provider.
MIB, Inc., the voluntary association of nearly 600 life insurance companies in the United States and Canada, is taking a leadership rolein supporting the ACORD Life Forms Initiative, announced Gregory A. Maciag, CEOand President, ACORD."ACORD appreciates the commitment that MIB hasshown in supporting this important industry initiative," said Maciag. ACORDis assembling key industry participants in a working group to begin the processof developing standardize forms for the life insurance industry.
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day care insurance njJohn Detwiler, director of Market & ProductDevelopment for the MIB Group, said "The Life Forms Initiative is anintegral part of an even larger industry effort to adopt data standards withinthe life insurance industry. ACORD and MIB formed a strategic alliance last yearto promote industry adoption of ACORD's XML for Life Insurance standards ininformation technology architecture. This is a natural extension of that effort-- standardized forms operating in an environment of standard datatransmissions."
NAILBA, the National Association of Independent LifeBrokerage Agencies, has provided leadership and support from the beginning ofthe Life Forms Initiative. Both MIB and NAILBA are active in the standardsdevelopment process.
Small Business Health Insurance MichiganJump-starting the Life Forms Initiative are fourleading insurance companies -- GE Financial, Manulife Financial, Mutual of Omahaand Prudential. They have become the "Pioneer" carriers by announcingsupport for the Forms Initiative.
hollywood florida insuranceA meeting of the Initiative's Working Group, whichincludes the four carriers, is scheduled for October 29 and 30 at MIB'sWestwood, MA, headquarters. The first objective will be to standardize Part 1 ofthe New Business Application form.
group health insurance florida"There are important strategic benefits theindustry will realize as it standardizes its forms," said Lloyd Chumbley,program manager, Life Standards, ACORD. "Among them, we project significantsavings in the areas of compliance, litigation, state filing, distribution andstaff costs. Also, standardized forms can easily be adapted to reflectregulatory and legal changes."
Life insurance companies interested in becoming Pioneercompanies by sponsoring the ACORD Life Forms Initiative or in participating inthe sessions of the Life Forms Initiative Working Group should visit the ACORDweb site at www.acord.orgor contact Brian Marable at firstname.lastname@example.org.
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