We hope that our extensive glossary of common (and some not-so-common)
insurance terms and phrases proves helpful to you! Simply start
below by choosing the first letter of the word or phrase you want to
learn more about.
A - B - C - D - E - F - G - H - I - J - K - L - M
N - O - P - Q - R - S - T - U - V - W
NAMED PERIL - Peril specifically mentioned as
covered in an insurance policy.
NATIONAL FLOOD INSURANCE PROGRAM - Federal government-sponsored
program under which flood insurance is sold to homeowners and businesses. (See
Adverse selection; Flood insurance)
NET PREMIUMS WRITTEN - See Premiums
written
NO-FAULT - Auto insurance coverage that pays for each driver’s
own injuries, regardless of who caused the accident. No-fault varies from state
to state. It also refers to an auto liability insurance system that restricts
lawsuits to serious cases. Such policies are designed to promote faster reimbursement
and to reduce litigation.
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NO-FAULT MEDICAL - A type of accident coverage
in homeowners policies.
NO-PAY, NO-PLAY - The idea that people who don’t
buy coverage should not receive benefits. Prohibits uninsured drivers from
collecting damages from insured drivers. In most states with this law, uninsured
drivers may not sue for noneconomic damages such as pain and suffering. In
other states, uninsured drivers are required to pay the equivalent of a large
deductible ($10,000) before they can sue for property damages and another
large deductible before they can sue for bodily harm.
NON-ADMITTED ASSETS - Assets that are not included
on the balance sheet of an insurance company, including furniture, fixtures,
past-due accounts receivable, and agents’ debt balances. (See Assets)
NON-ADMITTED INSURER - Insurers licensed in some
states, but not others. States where an insurer is not licensed call that insurer
non-admitted. They sell coverage that is unavailable from licensed insurers
within the state.
NOTICE OF LOSS - A written notice required by
insurance companies immediately after an accident or other loss. Part of the
standard provisions defining a policyholder's responsibilities after a loss.
NUCLEAR INSURANCE - Covers operators of nuclear
reactors and other facilities for liability and property damage in the case
of a nuclear accident and involves both private insurers and the federal government.
NURSING HOME INSURANCE - A form of long-term
care policy that covers a policyholder’s stay in a nursing facility.
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