Insurance Terms: N

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Insurance Terms-L
  • Named Insured is the person, business, firm, or corporation, or any member thereof, specifically named as an insured(s) on an insurance policy. This is different from any other person who, maybe unnamed, but still protected under certain circumstances.
  • Named Peril is a Peril specifically listed as covered peril in an insurance policy.
  • National Association of Insurance Commissioners, (NAIC) is a national organization of state officials responsible for regulating insurance. The NAIC has no official control or power but, hold great influence.
  • National Flood Insurance Program is the federally sponsored program where homeowners and businesses can purchase flood insurance.
  • No-Fault Auto insurance covers each driver for their own injuries no matter which driver is at fault. No-fault insurance may vary from one state to another state. In some state No-Fault Liability insurance is the system because it reduces lawsuits to only the most serious cases. No-Fault insurance is designed to help speed up claims reimbursements and to reduce litigation
  • No-Fault Medical is a type of accident insurance coverage offered under Homeowners policies
  • No-Pay, No-Play is the thought that those people who don’t buy insurance coverage shouldn’t get insurance benefits. This idea prohibits uninsured drivers from receiving claims for damages from insured drivers.
  • Non-renewal Clause is a provision written in an insurance policy that states any circumstances that the insurance company my decide to not renew a customers insurance policy.
  • Non-renewal Notice is a notice sent to a policyholder when the insurance company has decided to not offer renewal of the insurance policy. Often these come with corrective measures a policyholder can make, or with an offer for a different insurance product or policy in the same company.
  • Nonstandard Auto otherwise known as High Risk Auto or Substandard Auto. These are terms used to describe Insurance for people who have a bad driving record or for those cancelled or refused insurance. Usually the premiums are much higher than standard auto insurance policies because of the added risk to the insurance company.
  • Notice of Loss is a written notice insurance companies require as soon as an accident or loss occurs This is one of the the standard responsibilities of a policyholder after a loss takes place.

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Glossary of Insurance Terms:

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