What does Accreditation mean? Read on to discover the definition & meaning of the term Accreditation - to help you better understand the language used in insurance policies.
Process in which a state or other standard-setting regulatory organization determines whether an entity seeking to provide services subject to that organization's authority meets acceptable standards for such purposes. For example, commercial insurers domiciled in a state that passes all the National Association of Insurance Commissioners (NAIC) model acts and otherwise passes muster will be acceptable security in other states.
We hope the you have a better understanding of the meaning of Accreditation.