Accreditation

Categories: Insurance, Loan and Mortgage,

1. in insurance
Process in which a state passes all the National Association of insurance commissioners (NAIC) model acts and otherwise passes muster; commercial insurers domiciled there will be acceptable security in other states.

2. in loan and mortgage
In higher education, the process by which colleges and universities are reviewed by independent third parties and deemed to have met specific standards. In order for an institution to be eligible for title iv funding (part of the Higher Education Act of 1965), they must be reviewed and accredited by one of the regional accreditation agencies. This means that non-accredited institutions cannot provide federal financial aid to their students.