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.
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.
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.
Non-Admitted Company (USA)
A non-admitted company, also known as a non-licensed insurer or a surplus lines insurer, is an insurance company that is not licensed to do business in a particular state or jurisdiction.
Non-Participating Policy
A non-participating policy is a type of life insurance policy that does not pay dividends to policyholders.
Non-payment Cancellation
Non-payment cancellation refers to the termination of an insurance policy due to the policyholder’s failure to pay the required premiums.
Non-Renewal
The termination of an insurance policy at the end of its term.
Occupancy
The type and purpose of use of a building or property.
Occurrence
In insurance, an occurrence refers to an event or series of events that result in covered losses.