Definition and meaning of Named Insured :

Named Insured: Any person, firm or corporation designated by name as the insured person(s) in a policy. Others may be protected by policy definition even though their names aren't on the policy, such as other drivers operating (with consent) the named insured's covered auto.

(Source: InsWeb)

Also see these pages: Named Insured , Auto Insurance, Auto Insurance Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - N

Definition and meaning of Non-Owned Auto :

Non-Owned Auto: Any vehicle that is not owned, borrowed, or leased by the insured, and which is used primarily for a business purpose.

(Source: InsWeb)

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Definition and meaning of Net claims :

Gross claims less reinsurance recoveries

(Source Lloyd's )

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Definition and meaning of nonparticipating policy :

nonparticipating policy: Policy that does not provide for payment of a dividend.

(Source: Bank of America )

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Definition and meaning of non-participating insurance :

non-participating insurance: Insurance on which no dividends are paid.

(Source: Bank of America )

Also see these pages: non-participating insurance , Insurance, Insurance Sitemap, Insurance Dictionary - N

Definition and meaning of NCCI :

NCCI: National Council on Compensation Insurance, located online at http://www.ncci.com.

(Source: Bank of America )

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Definition and meaning of net capital gains :

net capital gains: Realized and unrealized capital gains on investments.

(Source: Bank of America )

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Definition and meaning of net income :

net income: Income after dividends and taxes (including realized capital gains).

(Source: Bank of America )

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Definition and meaning of net premiums written :

net premiums written: Total premiums written minus premiums ceded.

(Source: Bank of America )

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Definition and meaning of NAMED PERIL :

NAMED PERIL: Peril specifically mentioned as covered in an insurance policy.

(Source: Insurance Information Institute )

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Definition and meaning of NET PREMIUMS WRITTEN :

NET PREMIUMS WRITTEN: See Premiums written

(Source: Insurance Information Institute )

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Definition and meaning of NO-FAULT MEDICAL :

NO-FAULT MEDICAL: A type of accident coverage in homeowners policies.

(Source: Insurance Information Institute )

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Definition and meaning of Nonforfeiture Values :

Nonforfeiture Values: Those values in a Life Insurance policy that by law the policy owner cannot forfeit even if he ceases to pay the premiums. These benefits are the cash surrender value, the loan value, the paid-up insurance value, and the extended term insurance value. The policy owner may choose one of these nonforfeiture options, but even if he fails to do so, the one specified in the contract for such a case automatically goes into effect. (LI)

(Source: InsWeb)

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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 )

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

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 No-Fault Insurance :

No-Fault Insurance:  Many states have enacted auto accident compensation laws permitting auto accident victims to collect directly from their own insurance companies for medical and hospital expenses regardless of who was at fault in the accident. Although there are many legal variations of no-fault insurance, most states still allow people to sue the negligent party if the amount of damages exceeds a certain state-determined threshold. (see "Threshold Level.")

(Source: CarInsurance.com )

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Definition and meaning of Non-disabling Injury :

Non-disabling Injury:  An injury that does not qualify the insured for total or partial disability benefits. A Disability Income policy may contain a provision for a small benefit in the case of such an injury, including medical costs of up to 25% or 50% of one month's disability benefit payment. (H)

(Source: InsWeb)

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Definition and meaning of Nonprofit Insurers :

Nonprofit Insurers:  Insurers organized under special state laws, usually exempting them from some taxes imposed on regular insurers, to supply Medical Expense Reimbursement Insurance, usually on a service basis. "Blue" plans (Blue Cross and Blue Shield) in most states are an example. (H)

(Source: InsWeb)

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Definition and meaning of No-Fault Insurance :

No-Fault Insurance: Many states have enacted auto accident compensation laws permitting auto accident victims to collect directly from their own insurance companies for medical and hospital expenses regardless of who was at fault in the accident. Although there are many legal variations of no-fault insurance, most states still allow people to sue the negligent party if the amount of damages exceeds a certain state-determined threshold. (see "Threshold Level.")

(Source: InsWeb)

Also see these pages: No-Fault Insurance , Auto Insurance, Auto Insurance Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - N

Definition and meaning of Name :

An individual member underwriting with unlimited liability. Since 6 March 2003 no person has been admitted as a new member to underwrite on an unlimited liability basis.

(Source Lloyd's )

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Definition and meaning of Nameco :

A company that is a corporate member whose members consist of a single individual or a group of connected individuals or their nominees. Many Namecos were formed by Names who wished to cease underwriting on an unlimited liability basis.

(Source Lloyd's )

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Definition and meaning of Net premium :

The amount of the premium that is left after the subtraction of some or all permitted deductions such as brokerage and (for certain types of business) profit commission.

(Source Lloyd's )

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