Definition and meaning of Loss :

Loss: The happening of the event for which insurance pays.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Long-Term Disability Income Insurance :

Long-Term Disability Income Insurance: Insurance issued to an employer (group) or individual to provide a reasonable replacement of a portion of an employee's earned income lost through serious and prolonged illness or injury during the normal work career. (See also Integration.)

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Long-Term Care :

Long-Term Care: The continuum of broad-ranged maintenance and health services to the chronically ill, disabled, or retarded. Services may be provided on an inpatient (rehabilitation facility, nursing home, mental hospital), outpatient, or at-home basis.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Loss Adjustment Expense :

Loss Adjustment Expense: expenses incurred in the process of evaluating, defending and paying claims.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Loss Avoidance :

Loss Avoidance: A risk management technique whereby a situation or activity that may result in a loss for a firm is avoided or abandoned.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Loss Expense - Unallocated :

Loss Expense - Unallocated: Salaries and other expenses incurred in connection with the operation of a claim department of an insurance carrier which cannot be charged to individual claims.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Loss Expense - Allocated :

Loss Expense - Allocated: Handling expenses, such as legal or independent adjuster fees, paid by an insurance company in settling a claim which can be definitely charged to that particular claim.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Loss Expense - Allocated , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of Loss control :

Loss control: any conscious action (or decision not to act) intended to reduce the frequency, severity, or unpredictability of accidental losses.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Net Amount at Risk :

Net Amount at Risk:  The difference between a life insurance policy's death benefit and it's cash value amount.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Net Premium :

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.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Net Premium , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - N

Definition and meaning of Nonmedical Limit :

Nonmedical Limit: The maximum face value of a policy that a given company will issue without the applicant taking a medical examination.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Nonforfeiture Option :

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.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Nondisabling Injury Benefit :

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.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Nonoccupational Policy :

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.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Nonoccupational Policy :

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.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Nonparticipating Policy :

Nonparticipating Policy: One that does not provide for the payment of a dividend.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Nonparticipating Policy :

Nonparticipating Policy: A life insurance policy in which the company does not distribute to policyholders any part of its surplus. Note should be taken that premiums for nonparticipating polices are usually lower than for comparable participating polices. Note should also be taken that some nonparticipating polices have both a maximum premium and a current lower premium. The current premium reflects anticipated experience that is more favorable than the company is willing to guarantee, and it may be changed from time to time for the entire block of business to which the policy belongs. (See also: Participating policy)

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Nonparticipating Insurance :

Nonparticipating Insurance: Plan of insurance under which the policy-holder is not entitled to share in the dividend distribution of the company.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Nondisabling Injury :

Nondisabling Injury: An injury which may require medical care, but does not result in loss of working time or income.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Nondisabling Injury , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - N

Definition and meaning of Noncontributory :

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.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of No-fault Automobile Insurance :

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.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of No-Fault :

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.

(Source: The Haskayne School of Business at the University of Calgary )

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