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*Terms marked with an asterisk are from LOMA’s Glossary of Insurance and Financial Services Terms. Copyright © 2002
LOMA (Life Office Management Association, Inc.). Used with
permission from LOMA. Click here
for more information
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NAMED PERIL
Peril specifically mentioned as covered in an insurance policy.
NATIONAL FLOOD INSURANCE PROGRAM
Federal government-sponsored program under which flood insurance is
sold to homeowners and businesses. (See Adverse selection; Flood insurance)
NET PREMIUMS WRITTEN
See Premiums written
NO-FAULT
Auto insurance coverage that pays for each driver's own injuries,
regardless of who caused the accident. No-fault varies from state to
state. It also refers to an auto liability insurance system that
restricts lawsuits to serious cases. Such policies are designed to
promote faster reimbursement and to reduce litigation.
NO-FAULT MEDICAL
A type of accident coverage in homeowners policies.
NO-PAY, NO-PLAY
The idea that people who don't buy coverage should not receive
benefits. Prohibits uninsured drivers from collecting damages from
insured drivers. In most states with this law, uninsured drivers may
not sue for noneconomic damages such as pain and suffering. In other
states, uninsured drivers are required to pay the equivalent of a
large deductible ($10,000) before they can sue for property damages
and another large deductible before they can sue for bodily harm.
NON-ADMITTED ASSETS
Assets that are not included on the balance sheet of an insurance
company, including furniture, fixtures, past-due accounts
receivable, and agents' debt balances. (See Assets)
NON-ADMITTED INSURER
Insurers licensed in some states, but not others. States where an
insurer is not licensed call that insurer non-admitted. They sell
coverage that is unavailable from licensed insurers within the
state.
NOTICE OF LOSS
A written notice required by insurance companies immediately after
an accident or other loss. Part of the standard provisions defining
a policyholder's responsibilities after a loss.
NUCLEAR INSURANCE
Covers operators of nuclear reactors and other facilities for
liability and property damage in the case of a nuclear accident and
involves both private insurers and the federal government.
NURSING HOME INSURANCE
A form of long-term care policy that covers a policyholder's stay in
a nursing facility.
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