Definition and meaning of Loss Reserve :

Loss Reserve: The amount set up as the estimated cost of a claim. (See IBNR Reserve)

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

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Definition and meaning of Loss Ratio :

Loss Ratio: A ratio calculated by divinding claims into premiums. It may be calculated in several different ways, using paid premiums or earned premiums, and using paid claims with or without changes in claim reserves and with or without changes in active reserves.

(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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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 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 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 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 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 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 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 Noncancellable :

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.

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

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Definition and meaning of Non-admitted Insurance Company :

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.

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

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Definition and meaning of Noncancellable Guaranteed Renewable Policy :

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.

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

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Definition and meaning of Nonconfining Sickness :

Nonconfining Sickness: A sickness that disables the insured person but does not confine him to his home or a hospital.

(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 )

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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 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 Insured :

Insured: A person or organization covered by an insurance policy, including the "named insured" and any other parties for whom protection is provided under the policy terms.

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

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Definition and meaning of Group Paid-Up Life Insurance :

Group Paid-Up Life Insurance: Accumulating units of single premium whole life insurance and decreasing term insurance, which together equal the face amount of the policy. Provided through a group life insurance plan.

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

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Definition and meaning of Group Ordinary Life Insurance :

Group Ordinary Life Insurance: Group insurance plan providing life insurance for employees. Traditional whole life policy is split into decreasing insurance protection and increasing cash values.

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

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