Definition and meaning of NELIA :

NELIA: Nuclear Energy Liability Insurance Association. (LA)

(Source: InsWeb)

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Definition and meaning of Not Otherwise Classified :

Not Otherwise Classified: See NOC. (LA,WC)

(Source: InsWeb)

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Definition and meaning of Nonconfining Sickness :

Nonconfining Sickness:  Sickness that doe

(Source: InsWeb)

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Definition and meaning of Nonoccupational Insurance :

Nonoccupational Insurance:  See Unemployment Compensation Disability Insurance. (H)

(Source: InsWeb)

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Definition and meaning of Net Increase :

Net Increase: The increase in the total amount of business an insurer has to force over a given period of time. It is figured as the total of new policies issued plus those renewed less policies lapsed and cancelled. (LI)

(Source: InsWeb)

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Definition and meaning of Net Level Premium :

Net Level Premium: The pure mortality cost of a Life Insurance policy from its inception to its maturity date, divided by the number of years the policy is to be in force. See also Level Premium Insurance. (LI)

(Source: InsWeb)

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Definition and meaning of Net Rate :

Net Rate: (1) See the third definition of Net Premium for the definition applicable to participating Life Insurance policies. (2) In a nonparticipating policy, the rate book rate. (LI)

(Source: InsWeb)

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Definition and meaning of Noncontributory :

Noncontributory: A plan or program of insurance, usually group, for which the employer pays the entire premium and the employee contributes no part of the premium. (LI,H)

(Source: InsWeb)

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Definition and meaning of Nonmedical, Non-Med :

Nonmedical (Non-Med): A contract of Life or Health Insurance underwritten on the basis of an insured's statement of his health with no medical examination required. (LI,H)

(Source: InsWeb)

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Definition and meaning of Numerical Rating :

Numerical Rating: An underwriting method of determining the extra rate to be charged for a substandard insured. "Standard" is rated 100. Various impairments are assigned various numerical values. The sum of 100 plus the values of the ratings of the impairments indicates the table to use in determining the rate of the policy. (LI)

(Source: InsWeb)

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Definition and meaning of Natural Premium :

Natural Premium: The pure mortality cost of Life Insurance for one year at any given age. See also Pure Premium. (LI)

(Source: InsWeb)

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Definition and meaning of Net Amount At Risk :

Net Amount At Risk: A term which refers to the differences between the face amount of a policy and the reserve or cash value which has been built up under that policy. (LI)

(Source: InsWeb)

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Definition and meaning of Named Perils :

Named Perils: Perils specifically covered on property insured. Contrast Named Perils Insurance with All-risks Insurance, which covers all losses not specifically excluded. (PR)

(Source: InsWeb)

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Definition and meaning of Nonconcurrency :

Nonconcurrency: The situation that exists when a number of insurance policies intended to cover the same property against the same hazards are not identical as to the extent of coverage. Nonconcurrency usually results in an insured not being fully covered for a loss. Modern forms have minimized the problem of nonconcurrency. (PR)

(Source: InsWeb)

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Definition and meaning of Noon Clause :

Noon Clause: A provision in an insurance contract stating that the insurance coverage starts at noon, standard time, at the location of the insured's property. Most property policies have now been changed so that the effective time is 12:01 a.m., thus the noon clause is not often encountered. (PR)

(Source: InsWeb)

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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 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 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 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 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 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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