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Named Insured
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The person designated in the policy as the insured, as opposed to someone who may have an interest in a policy but who is not shown by name.
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Negative Film Insurance
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Pays a producer of commercial films the cost of reshooting should the film suffer damage in the course of production.
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Negligence
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The failure to exercise the care that an ordinary prudent person would exercise: either doing that which a prudent person would not do, or failing to do that which a prudent person would do.
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New For Old
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An expression in Marine Insurance which means that when repairs are made, new parts or equipment are supplied in place of old ones that have been lost or damaged. An insurance policy may stipulate that the difference between the old and new costs are either excluded or included in its coverage.
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New York Insurance Exchange
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A newly formed (1980) property-liability underwriting exchange patterned after the syndicate type of operation of Lloyd's of London. The chief differences between the Exchange and Lloyd's are that the New York Exchange permits corporate as well as individual members, and their liability is limited to the amount of funds invested.
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No-Fault Automobile Insurance
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Coverage designed to compensate victims of automobile accidents without the necessity of proving negligence on anyone's part. No-fault laws passed by different states vary greatly in their scope and application. Most provide that a victim's own insurance will allow a victim to sue in tort, once expenses or injuries have passed a stipulated threshold (monetary or otherwise).
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Nonadmitted Insurance
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Protection written by an insurer on a risk located in a state in which the insurer is not licensed. Such an insurer is referred to as a nonadmitted insurer.
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Nonadmitted Insurer
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If an insurer is not licensed to write insurance in a specific state, then the insurer is a nonadmitted insurer for that state.
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Noncancellable
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A provision in some policies (crop-hail insurance and ocean marine insurance) that neither policyholder nor insurer may terminate the contract during its term.
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Noncurrent
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The condition existing when two or more policies on a risk do not cover identically (a condition to be avoided because of difficulty in adjusting, as well as the possibility that the insured will recover less than anticipated).
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Nonforfeiture Benefit
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The provision in some life insurance contracts which specifies the benefits that cannot be forfeited even if premium payments are not made. These types of benefits may include the paid-up insurance value, the loan value, or the cash surrender value.
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Nonresident Agent
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Insurance agents must be licensed in each state where they write business. When an agent is domiciled in one state but also writes business in another, the agent is considered a nonresident in all states except the state of domicile.
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Nonsmoker Discount
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Because of the data and statistics available showing that non-tobacco users have fewer health problems, credits are offered in some life and health insurance programs for those insureds who commit to not using tobacco products.
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Notice of Loss
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The notice submitted by an insured to the insurer regarding the occurrence of a loss. Policy conditions specify how long the insured has to notify the insurer of the loss, in what format, and the information the loss notice must contain.
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Notice of Occurrence
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The notice of the occurrence of a loss, that must be submitted by an insured to the insurer in a liability contract. Policy conditions specify when the insured should notify the insurer of the loss, in what format, and the information the notice should contain.
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