Please choose the letter you wish to define:
- Name Position Bond:
A fidelity bond which covers losses caused by the dishonesty of
only those employees named in the bond.
- 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.
- 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.
- Negligence:
The failure to use the reasonable care that a prudent person
would have used under the same or similar circumstances.
- Net Premium:
A portion of the premium rate designed to cover benefits of the
policy, but not expenses, contingencies, or profit.
- 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.
- 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.
- Non-Admitted Insurance Company:
An insurance company not licensed to do business in a particular
state.
- 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.
- Nonconfining Sickness:
A sickness that does not confine an insured to his home or a
hospital.
- 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.
- Non-Disabling Injury:
An injury which does not qualify for total or partial disability.
- Nonforfeitable Benefits:
A benefit under a pension plan that belongs unconditionally to
the participant of that plan.
- Nonoccupational Policy:
An insurance contract which insures a person against off the job
accidents or sickness.
- Nonowned Auto:
Any automobiles not owned, leased, hired, or borrowed which
are used within the scope of business.
- Nonparticipating:
Insurance under which the policy holder is not entitled to share in
the dividend distribution of the company.
- Nonrenewal:
The termination of insurance coverage at an expiration date or
anniversary date.
- Notice of Cancellation:
Written notice by an insurance company of their intent to cancel
the policy.
Please choose the letter you wish to define:
Insurance Glossary is Copyrighted By Richard H. Reynolds.
Keller-Lowry Insurance, Inc. Uses This Glossary By Permission.
Return HOME
Insurance Glossary |
Newsletters |
Pledge of Performance |
Industry Links |
Contact Us |
Privacy Statement
About Us |
Commercial Insurance |
Personal Insurance |
Group Insurance |
Programs |
Customer Service
|
|
