- Name Position Bond: A fidelity
bond which covers losses caused by the dishonesty of only
those employees named in the bond.
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- Named Perils: Coverages in a
property policy that provides protection from loss of perils
specifically listed in the insurance policy. Examples of
named perils are fire, windstorm, theft, smoke, etc.
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- National Association of Insurance
Commissioners (NAIC): The association of insurance commissioners
of various states formed to promote national uniformity
in the regulation and practice of insurance.
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- Negligence: The failure to use the
reasonable care that a prudent person would have used under
the same or similar circumstances.
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- Net Premium: A portion of the
premium rate designed to cover benefits of the policy, but
not expenses, contingencies, or profit.
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- No-Fault: A type of auto insurance
mechanism whereby the right to sue another party for damages
caused by negligence is limited and, in exchange, first
party benefits are offered.
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- No-Fault Automobile Insurance:
A type of insurance in which financial losses resulting
from an automobile accident are paid by your own insurer,
regardless of who was at fault.
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- Non-Admitted Insurance Company:
An insurance company not licensed to do business in a particular
state.
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- Noncancellable: A contract that
the insured has the right to continue in force by the timely
payments of premiums set forth in the contract. No changes
are made by the insurer during this period of time.
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- Nonconfining Sickness: A sickness
that does not confine an insured to his home or a hospital.
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- Noncontributory: A term applied
to employee benefit plans or insurance, which the employer
pays the full cost of the premium for all of the employees.
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- Non-Disabling Injury: An injury
which does not qualify for total or partial disability.
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- Nonforfeitable Benefits: A benefit
under a pension plan that belongs unconditionally to the
participant of that plan.
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- Nonoccupational Policy: An insurance
contract which insures a person against off the job accidents
or sickness.
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- Nonowned Auto: Any automobiles
not owned, leased, hired, or borrowed which are used within
the scope of business.
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- Nonparticipating: Insurance
under which the policy holder is not entitled to share in
the dividend distribution of the company.
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- Nonrenewal: Termination of insurance
coverage at an expiration date or anniversary date.
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- Notice of Cancellation: Written
notice by an insurance company of their intent to cancel
the policy.
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Back to the Glossary
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