524113 - Direct Life Insurance Carriers
If you're navigating the world of finance and insurance, understanding the specific classifications like NAICS code 524113 is crucial. This code covers Direct Life Insurance Carriers, a vital segment within the insurance industry that provides essential financial protection and peace of mind to millions. Whether you're a business owner, contractor, or researcher, this guide will give you a comprehensive overview of NAICS 524113, helping you grasp its scope, associated business activities, and size standards.
What is NAICS Code 524113?
NAICS code 524113 represents establishments primarily engaged in underwriting life insurance policies and annuities directly to policyholders. These carriers focus on providing financial protection and income guarantees to individuals or their beneficiaries in the event of death or other specified contingencies.
Key Characteristics:
- Underwriting life insurance and annuity contracts
- Direct relationship with policyholders (no intermediaries)
- Financial safeguard against death, disability, or other risks
Sector Overview: Finance and Insurance
NAICS 524113 falls under the broader Finance and Insurance sector (NAICS 52), which includes companies managing financial transactions, underwriting risks, and providing various insurance products.
Typical Business Activities Include:
- Underwriting life insurance policies directly
- Offering annuities and financial income products
- Providing disability and accidental death insurance
- Managing cooperative and fraternal life insurance organizations
Code Details: Comprehensive List of Services and Activities
| Service / Activity | Description |
|---|---|
| Accidental death and dismemberment insurance carriers, direct | Underwriting accidental death policies directly |
| Accidental death and dismemberment insurance underwriting, direct | Direct underwriting of accidental death insurance |
| Annuities underwriting | Underwriting annuity contracts |
| Cooperative life insurance organizations | Member-owned life insurance entities |
| Credit life insurance carriers, direct | Direct underwriting of credit life insurance |
| Disability insurance carriers, direct | Direct underwriting of disability insurance |
| Disability insurance underwriting, direct | Direct underwriting activities for disability insurance |
| Fraternal life insurance organizations | Mutual benefit societies providing life insurance |
| Insurance carriers, disability, direct | Direct disability insurance coverage |
| Insurance carriers, life, direct | Direct life insurance providers |
| Insurance underwriting, disability, direct | Direct underwriting of disability insurance |
| Insurance underwriting, life, direct | Direct underwriting of life insurance |
| Life insurance carriers, direct | Providers of life insurance policies directly to consumers |
| Savings bank life insurance carriers, direct | Life insurance carriers affiliated with savings banks |
Typical Business Examples Under NAICS 524113
Businesses that fall under this NAICS code typically include:
- Life insurance companies under direct writers
- Firms specializing in annuity products
- Disability insurance coverage providers operating directly
- Cooperative and fraternal life insurance organizations
- Savings bank life insurance carriers
NAICS 524113 Size Standard
To qualify as a small business under this code, the size standard is $47 million in average annual receipts. This benchmark helps determine eligibility for certain government contracts and programs designed to support small businesses within the insurance industry.
Frequently Asked Questions (FAQ)
1. What types of insurance products are covered by NAICS 524113?
NAICS 524113 covers life insurance policies, annuities, disability insurance, accidental death and dismemberment insurance, and related underwriting activities.
2. How does direct life insurance underwriting differ from other types?
Direct underwriting involves selling policies straight to customers without intermediaries like brokers or agents, streamlining the process and often reducing costs.
3. Are fraternal organizations included in this NAICS code?
Yes, fraternal life insurance organizations that provide mutual benefits and life insurance fall under NAICS 524113.
4. What is the significance of the $47 million size standard?
This threshold classifies businesses by revenue size to determine eligibility for certain small business programs within federal contracting.
5. Can annuity providers be classified under this code?
Absolutely, annuity underwriting and providers are an integral part of NAICS 524113 services.
Conclusion
Understanding NAICS code 524113 - Direct Life Insurance Carriers is essential for businesses and individuals involved in finance and insurance. This category not only defines a crucial industry segment but also clarifies eligibility criteria for small business programs and aids in market analysis. By knowing what activities and businesses fall under this code, stakeholders can better position themselves in the competitive landscape of life insurance underwriting and annuity services.
Keywords: NAICS 524113, Direct Life Insurance Carriers, life insurance underwriting, annuities providers, disability insurance carriers, accidental death and dismemberment insurance, finance and insurance sector, small business size standard
