Multiline Insurance
Multiline insurance refers to an insurance company or policy that offers a variety of different types of insurance coverage.
Insurance Glossary
Glossary/Encyclopedia of insurance terms. In addition to the brief description of insurance terms, we have also provided detailed explanation of each term. By selecting ‘More Details’ in each term, you can view the detailed explanation of the term with examples.
Mutual Aid Insurance Platforms (China)
In China, Mutual Aid Insurance Platforms (also called Mutual Assistance Plans or 互助保险/互助计划) refer to peer-to-peer risk-sharing schemes where large groups of members voluntarily contribute small amounts of money to collectively pay for another member’s claim—usually for serious illness.
Mutual Insurance Companies
Mutual insurance companies are insurance companies that are owned by their policyholders.
NAIC (USA)
The NAIC (National Association of Insurance Commissioners) is a U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia, and five U.S. territories.
Named Insured
The named insured is the person or entity specifically identified and listed by name on the declarations page of an insurance policy.
Named Perils
Named perils refers to a type of insurance policy that provides coverage only for the specific risks or events that are explicitly listed or “named” in the policy documents.
Named Perils Policy
A Named Perils Policy is a type of insurance policy that provides coverage only for the specific risks or events that are explicitly listed or “named” in the policy document.
Nationwide Inland Marine Definition — USA
A legal/regulatory definition adopted by many U.S. states, the Nationwide Inland Marine Definition (Model 701) by the National Association of Insurance Commissioners (NAIC) describes what types of property risks can be classified as “marine, inland marine or transportation insurance.
Natural Disaster Insurance Policy (PAD) – Romania
PAD stands for Polița de Asigurare împotriva Dezastrelor Naturale, which translates to Natural Disaster Insurance Policy in English. It is a mandatory home insurance scheme in Romania that protects residential buildings against three major natural catastrophes.
Net Cash Value
Net cash value is a term used in life insurance, specifically with policies that have a cash value component, such as whole life insurance or universal life insurance.
New Business
In the insurance industry, new business refers to the first-time purchase of an insurance policy by a customer.
No-Fault Insurance
No-fault insurance is a system used in some parts of the world where people involved in road accidents receive compensation for their injuries and damages from their own insurance company, regardless of who caused the accident.