Named Perils: Coverage in a property policy that provides
protection against loss from only the perils specifically
listed in the policy rather than protection from physical
loss. Examples of named perils are fire, windstorm, theft,
smoke, etc.
National Association of Insurance Commissioners (NAIC): The association of insurance commissioners of various states
formed to promote national uniformity in the regulation of
insurance.
Negligence: Failure to use the care that a reasonable
and prudent person would have used under the same or similar
circumstances.
Net Premium: The portion of the premium rate which
is designed to cover benefits of the policy, but not expenses,
contingencies, or profit. The term is also used to describe
the portion of the premium remitted to the home office by
an agent after deduction of the agent's commission.
Net written premiums: premium income retained by insurance
companies, directly or through reinsurance, after payments
made for reinsurance.
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, expanded first party benefits
are offered.
No-fault Automobile Insurance: A form of insurance
by which a person's financial losses resulting from an automobile
accident are paid by his or her own insurer regardless of
who was at fault.
Non-admitted Insurance Company: An insurance company
not licensed to do business in a particular state; such a
company, however, may sell excess and surplus insurance in
that state if admitted insurers lack the capacity or expertise.
Noncancellable: A contract that the insured has the
right to continue in force by the timely payments of premiums
set forth in the contract (1) until at least age 50 or (2)
in the case of a policy issued after age 44 for at least five
years from its date of issue, during which period the insurer
has no right to make unilaterally any change in any provision
of the contract while the contract is in force.
Noncancellable Guaranteed Renewable Policy: An individual
policy which the insured person has the right to continue
to force until a specified age, such as to age 65, by the
timely payment of premiums. During this period, the insurer
has no right to unilaterally make any changes in any provision
of the policy while it is in force.
Nonconfining Sickness: A sickness that disables the
insured person but does not confine him to his home or a hospital.
Noncontributory: A term applied to employee benefit
plans under which the employer bears the full cost of the
benefits for the employees. One hundred percent of the eligible
employees must be insured.
Nondisabling Injury: An injury which may require medical
care, but does not result in loss of working time or income.
Nondisabling Injury Benefit: A benefit in some disability
income policies providing payment for medical expense due
to injury when medical care is necessary but the insured is
not totally disabled.
Nonforfeiture Option: One of the choices available
if the policyholder discontinues premium payments on a policy
with a cash value. This, if any, may be taken in cash, as
extended term insurance or as reduced paid-up insurance.
Nonmedical Limit: The maximum face value of a policy
that a given company will issue without the applicant taking
a medical examination.
Nonoccupational Policy: Contract which insures a person
against off-the-job accident or sickness. It does not cover
disability resulting from injury or sickness covered by Workers'
Compensation. Group accident and sickness policies are frequently
non- occupational.
Nonoccupational Policy: One that provides off-the-job
coverage only; it does not cover loss resulting from accidents
or sickness arising out of or in the course of employment
or covered under any workers' compensation law.
Nonparticipating Insurance: Plan of insurance under
which the policy-holder is not entitled to share in the dividend
distribution of the company.
Nonprofit Insurers: Persons organized under special
state laws to provide hospital, medical, or dental insurance
on a nonprofit basis. The laws exempt them from certain types
of taxes.
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