Life Insurance Glossary - N

Named Perils Policy
Coverage in a property policy that provides protection against loss from only the perils specifically listed in the policy rather than protection from physical loss. Examples of named perils are fire, windstorm, theft, smoke, etc.

Negligence
Failure to use that care which a reasonable and prudent person would have used under the same or similar circumstance. Negligence may be constituted by acts of either omission or commission or both.

Net Premium
A portion of the premium rate designed to cover benefits of the policy, but not expenses, contingencies, or profit Net Premiums Earned Net premiums written adjusted for the increase or decrease during the year of the liability for unearned premiums

Net Premiums Written
This item represents gross premiums written (direct and reinsurance assumed) less reinsurance ceded

Net Retention
The final amount of insurance retained by the company after reinsuring such amounts as it did not wish to retain

No Claims Bonus
A reduction in the price of an insurance policy because no claims have been made on it

No-Fault
A type of insurance mechanism whereby the right to sue another party for damages caused by negligence is limited and, in exchange, expanded first party benefits are offered. Mainly used in Vehicles insurance Policy.

Nominee
Nominee is the person who is nominated to receive the amount under a policy and to give a valid discharge to the insurer on settlement of claim under a life insurance policy.


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