Insurance and risk management terminology · MLC-0106
Insurance and risk management terms: N (132)
- NameAn individual investor who accepts unlimited personal liability for their share of the losses of an...
- Name partnerA partner in a professional services firm, such as a law or accounting practice, whose surname is part of the...
- Named insuredThe individual or entity specifically identified in an insurance policy as the primary party covered by the...
- Named nonowner policy or endorsementAn auto insurance policy or endorsement designed for individuals who drive cars they do not own and do not...
- Named perils coverage (NP)An insurance policy structure where coverage is provided only for losses caused by risks specifically listed...
- Named storm deductibleA specific deductible amount in a property insurance policy that applies only to damage caused by a storm...
- National Association of Registered Agents and Brokers (NARAB)An organization established by federal law to create a national licensing system for insurance producers...
- National Council on Compensation Insurance (NCCI)A private, not-for-profit rating and data collection bureau specializing in workers' compensation insurance...
- National Flood Insurance Program1. The program of flood insurance coverage and floodplain management administered under the Act and...
- National Flood Insurance Program (NFIP), see National Flood Insurance Program
- National Geodetic Vertical Datum (NGVD) of 1929National standard reference datum for elevations, formerly referred to as Mean Sea Level (MSL) of 1929. NGVD...
- National Highway Traffic Safety Administration (NHTSA)A U.S. federal agency within the Department of Transportation responsible for reducing deaths, injuries, and...
- National Independent Statistical Service (NISS)A licensed statistical agent that collects and processes insurance data from its member companies, providing...
- National Practitioner Data Bank (NPDB)A confidential information clearinghouse established by Congress to collect and release information on the...
- National Response Center (NRC)The sole national point of contact for reporting all oil, chemical, radiological, biological, and etiological...
- National Response Team (NRT)A multi-agency body composed of 16 federal agencies with responsibilities for emergency planning and response...
- National Safety Council (NSC)A non-profit organization dedicated to promoting safety and health in workplaces, on roads, and in homes and...
- NationalizationThe process by which a government takes control of private assets, industries, or services, converting them...
- Nationwide Marine DefinitionA statement that defines the types of property and exposures that may be insured under marine, inland marine...
- Natural deathA death caused by internal factors such as disease, illness or old age, as distinct from accident, homicide...
- Natural gradeThe grade unaffected by construction techniques such as fill, landscaping or berming.
- Natural hazards triggering technological accidentsA category of risk where a natural event, such as an earthquake, flood, or lightning strike, initiates a...
- Naturally occurring asbestos (NOA)Asbestos found in rock and soil formations in its natural state, rather than as a manufactured product...
- Naturally occurring substancesMaterials or elements that exist in the environment without human intervention or modification. In insurance...
- Negative basisA condition in credit markets in which the credit default swap spread on an issuer is narrower than the...
- NegligenceThe failure to exercise the degree of care that a reasonably prudent person would have exercised under the...
- Negligence per seA legal doctrine where an action is deemed negligent simply because it contravenes a law or regulation. For...
- Negligent entrustmentThe act of providing an instrumentality, such as a vehicle or a dangerous object, to another person whom the...
- Negligent evaluationA claim alleging that an employer failed to conduct a proper or fair assessment of an employee's performance...
- Negligent provider selectionA form of professional liability where an organization or individual is held responsible for harm caused by a...
- Negligent referralThe act of recommending a professional or service provider whom the referrer knows or should know is...
- Negligent retentionA legal claim alleging that an employer is liable for harm caused by an employee because the employer knew or...
- Net cash surrender valueThe amount of money a policyholder receives if they voluntarily terminate a life insurance policy before its...
- Net interest earnedThe average rate of interest an insurer earns on its invested assets after deducting investment expenses but...
- Net level premiumThe constant annual premium for a life insurance policy that, with interest at an assumed rate, exactly funds...
- Net level premium reserveThe portion of a life insurance premium that, along with interest earnings, is accumulated to meet future...
- Net lineThe portion of an insurance policy's coverage that an insurer retains for its own account after ceding...
- Net lossThe total amount of financial loss incurred by an insured or an insurer after accounting for any recoveries...
- Net loss reservesAn insurer's total estimated liability for future claims, calculated after subtracting any anticipated...
- Net present valueA financial metric used to evaluate the profitability of an investment or project by discounting all future...
- Net retained liabilityThe maximum amount of financial exposure that an insurer or reinsurer keeps for its own account after placing...
- Net riskThe actual exposure to loss that an insurer bears after accounting for all forms of risk transfer, such as...
- Net written premiumThe total amount of premiums an insurer records during a specific period, after deducting premiums ceded to...
- NetworkA group of healthcare providers, such as doctors, hospitals, and clinics, that contract with an insurance...
- New construction1. Buildings for which the "start of construction" commenced on or after the effective date of an initial...
- New for oldA basis of settlement in property insurance where, in the event of a covered loss, the insurer pays the cost...
- New source performance standards (NSPS)Emission limitations established by the U.S. Environmental Protection Agency (EPA) for new stationary sources...
- Newly acquired entitiesA provision in a commercial insurance policy that automatically extends coverage, for a limited time, to new...
- Newly mapped (a property newly mapped into the SFHA)A property that was once designated outside of the Special Flood Hazard Area (SFHA) on an effective Flood...
- Newsgathering tortsCivil wrongs committed by media organizations or journalists during the process of collecting information for...
- NexusA connection or link between two or more things, such as an event and a resulting loss, or between an insured...
- NFIP bureau and statistical agentA corporation, partnership, association or any other organized entity that contracts with FEMA to be the...
- NFIP servicing agentA corporation, partnership, association or any other organized entity that contracts with FEMA to service...
- NFIP Special Direct Facility (SDF)Formed in 2000, a branch of the NFIP Servicing Agent to which Write Your Own (WYO) Companies transfer...
- No further remedial action plannedAn EPA determination, reached during Superfund site evaluation, that a site needs no further federal remedial...
- No-fault (PIP)A system of auto insurance where each driver's own insurance company pays for their medical expenses and lost...
- Nonadmitted assetAn asset owned by an insurance company that is not recognized by state insurance regulators when calculating...
- Nonadmitted balanceThe portion of an insurer's assets that state insurance regulators do not allow to be included in the...
- Nonadmitted insurance-internationalInsurance coverage placed with an insurer not licensed in the country where the risk is located. This...
- Nonadmitted insurance-USInsurance placed with an insurer that is not licensed or authorized to do business in the state where the...
- Nonadmitted insurerAn insurance company that is not licensed or authorized to transact insurance business in a particular state...
- Nonadmitted reinsuranceReinsurance placed with a reinsurer that is not licensed or authorized in the ceding insurer's domicile...
- Nonappropriated Fund Instrumentalities Act (NFIA) of 1952A federal law that provides workers' compensation coverage for civilian employees of nonappropriated fund...
- NonassessableDescribing an insurance policy that prevents the insurer from charging policyholders an additional amount if...
- NonassignableDescribing a contract or policy whose rights cannot be transferred to another party without the other side's...
- Noncertified act of terrorismAn act of terrorism that does not meet the specific criteria established by the Terrorism Risk Insurance Act...
- Noncombustible construction (ISO)A classification of building construction, as defined by the Insurance Services Office (ISO), where the...
- NonconcurrencyA situation where two or more insurance policies covering the same risk have different inception and...
- Nonconcurrency of coverage triggersA situation where different insurance policies covering the same risk have varying conditions or events that...
- Nonconforming useA property use that was lawful when it was established but no longer complies with current zoning regulations...
- Noncontributing, noncontributoryDescribing an insurance plan or employee benefit where the employer pays the entire cost of the premiums, and...
- Noncontributory insuranceA group insurance plan, such as for life or health coverage, where the sponsoring organization (an employer)...
- Noncontrolled foreign corporation (NCFC)A foreign corporation in which United States shareholders own less than 50 percent of the total combined...
- Noncorrelated risksExposures to loss that are statistically independent, meaning the occurrence or severity of one loss has no...
- Nonderivative suitsLegal actions brought directly by shareholders against a corporation or its directors and officers for harm...
- Nondisclosure agreementA legally binding contract that establishes a confidential relationship between two or more parties. The...
- Nondisparagement clauseA contractual provision that prohibits one or both parties from making negative or derogatory statements...
- Nonduplication of benefitsA provision in insurance policies, particularly in health or disability coverage, that prevents an insured...
- Noneconomic damagesMonetary compensation awarded in a lawsuit for subjective, non-financial losses resulting from an injury or...
- Nonengagement letterA formal letter sent by a professional, such as an attorney or consultant, to a prospective client to confirm...
- Nonfiled line of coverageAn insurance product or coverage type for which an insurer is not required to submit its rates and policy...
- Nonfinancial foreign entity (NFFE)A foreign entity that does not qualify as a foreign financial institution under specific U.S. tax...
- Nonforfeiture loan value benefitA provision in a whole life insurance policy that allows the policyholder to borrow money against the...
- Nonforfeiture reduced paid-up benefitA nonforfeiture option in a whole life insurance policy that allows the policyholder to stop paying premiums...
- Nonforfeiture valuesThe benefits available to a life insurance policyholder who discontinues premium payments on a policy that...
- Nonimputation provisionA clause in a directors and officers liability insurance policy that prevents the wrongful acts or knowledge...
- Noninsurable riskA risk that does not meet the fundamental criteria for insurability, making it difficult or impossible for...
- NoninsuranceThe practice of not purchasing insurance to cover a particular risk, often because the risk is deemed too...
- Noninsurance risk transferA method of shifting the financial burden of a potential loss from one party to another through contractual...
- Nonledger assetsAssets owned by an insurance company that are not recorded in the insurer's general ledger accounts. These...
- NonmedicalDescribing an insurance underwriting process that does not require a physical examination by a physician...
- Nonoperating working interestA working interest in an oil and gas lease held by a party other than the operator. The owner pays its...
- Nonowned automobileA private passenger automobile, trailer, or recreational vehicle not owned by or furnished for the regular...
- NonparticipatingRelating to an insurance policy that does not pay dividends to the policyholder. The premiums for these...
- Nonparticipation settlement clauseA liability policy provision that gives the insurer sole control over settling a claim, without involving the...
- Nonpecuniary reliefA form of legal remedy that does not involve monetary compensation, but instead seeks to correct a wrong...
- Nonpracticing extensionAn endorsement to a professional liability or malpractice insurance policy that provides coverage for claims...
- Non-primary residenceA residential building that is not the primary residence of the policyholder.
- Non-primary residential propertyEither a nonprimary residence or the contents within a non-primary residence, or both.
- Nonprofit directors and officers liability insuranceCoverage designed to protect the directors, officers, trustees, and sometimes employees of nonprofit...
- Nonprofit insurersInsurance organizations structured as not-for-profit corporations, meaning they have no shareholders and do...
- Nonproportional reinsuranceA type of reinsurance where the reinsurer's liability is not directly proportional to the original insurer's...
- Nonqualified plansEmployee benefit arrangements, such as deferred compensation and supplemental executive retirement plans...
- Nonratable elementsComponents of an insurance premium that are not subject to rate adjustments or calculations based on...
- Nonrescission provisionA clause in a directors and officers (D&O) liability insurance policy that prevents the insurer from...
- Nonresident agentAn insurance agent or producer licensed to sell, solicit, or negotiate insurance in a state other than their...
- Non-residential buildingA commercial or mixed-use building where the primary use is commercial or non-habitational.
- Non-residential propertyEither a non-residential building, the contents within a non-residential building, or both.
- Nonstandard auto insuranceInsurance coverage for drivers who are considered high-risk and are unable to obtain a policy in the standard...
- Nonstandard insurerAn insurance company that specializes in providing coverage to individuals or businesses that do not meet the...
- Nonsubscriber workers compensation planAn alternative program offered by employers in states where workers' compensation insurance is not mandatory...
- NonsubscriptionThe practice in some states, particularly Texas, where employers opt out of the state's workers' compensation...
- NonsuitA judgment entered by a court when a plaintiff fails to present sufficient evidence to support their claim...
- Nontransferability provisionsPolicy clauses that bar the policyholder from assigning or transferring rights, benefits or obligations under...
- Noon clauseA specific provision in an insurance policy that designates 12:00 PM (noon) as the exact time when coverage...
- No-pay, no-play lawsState laws that restrict or prohibit uninsured motorists from recovering non-economic damages, such as pain...
- No-rise certification for floodwaysAny project in a floodway must be reviewed to determine if the project will increase flood heights. An...
- Normal lossA predictable and expected reduction in the quantity or value of goods or materials that occurs during...
- North American Industry Classification System (NAICS)A standard used by federal statistical agencies in classifying business establishments for the purpose of...
- North American Vertical Datum (NAVD) of 1988The vertical control datum established for vertical control surveying in the Unites States of America based...
- Nose coverageA feature of a claims-made insurance policy that provides coverage for claims arising from incidents that...
- Notary claim exclusionA provision in an insurance policy, often in professional liability or errors and omissions coverage, that...
- Notice of cancellation clausesPolicy provisions that specify the terms under which an insurer or an insured can terminate coverage before...
- Notice of cancellation endorsementAn amendment added to an insurance policy that modifies the standard notice of cancellation provisions, often...
- Notice of circumstances during extended reporting period provisionA claims-made policy clause that sets out whether notice of circumstances, meaning facts that could later...
- Notice of claim provisionA clause within an insurance policy that outlines the policyholder's responsibility to inform the insurer...
- Notice of occurrenceA formal notification provided by an insured to their insurer, informing them of an event or incident that...
- Notice to the companyA formal communication from an insured party or their representative to the insurance carrier, informing them...
- NovationThe substitution of a new contract for an old one, or the replacement of an original party to a contract with...
- Nuclear, biological, chemical (NBC) weaponsWeapons of mass destruction that cause widespread harm through radiation, disease, or toxic substances...
- Nuclear exclusionA standard provision in most insurance policies that explicitly denies coverage for losses or damages...
- Nuclear verdictA jury award in a civil lawsuit that is exceptionally large, often exceeding ten million dollars, and...
- NullificationThe act of declaring an insurance contract invalid from its inception so that, from a legal standpoint, the...
132 of 3,708 terms in Insurance and risk management terminology (MLC-0106). Request the full dataset.