N - GLOSSARY 1. Named Insured: The individual or entity explicitly listed on an insurance policy as the insured party. 2. National Association of Insurance Commissioners (NAIC): A regulatory support organization that provides guidelines and standards for insurance practices in the United States. 3. Natural Disaster: Events such as earthquakes, floods, or hurricanes that can cause significant damage and are often covered under specific insurance policies. 4. Negligence: The failure to exercise the care that a reasonably prudent person would exercise in similar circumstances, potentially leading to liability. 5. Net Premium: The portion of the premium that is used to pay for the actual coverage, excluding any additional charges or fees. 6. No-Fault Insurance: A type of insurance policy where insureds are compensated for losses by their own insurance company, regardless of fault in an accident. 7. Non-Admitted Insurer: An insurance company not licensed to operate in a particular state but may offer coverage under certain conditions. 8. Non-Cancellable Policy: An insurance policy that cannot be canceled by the insurer, provided premiums are paid. 9. Non-Contributory Insurance: Insurance for which the policyholder does not pay any premiums, often paid by an employer. 10. Non-Disclosure: The failure to reveal relevant information to the insurer, which can affect the validity of an insurance contract. 11. Non-Participating Policy: An insurance policy that does not pay dividends to policyholders. 12. Notice of Loss: A formal notification to an insurer that a loss has occurred and a claim may be filed. 13. Nuclear Insurance: Specialized coverage for damages resulting from nuclear incidents. 14. Nominated Beneficiary: The individual designated to receive benefits from an insurance policy in the event of the policyholder's death. 15. Non-Standard Auto Insurance: Coverage for high-risk drivers who may not qualify for standard insurance policies. 16. Net Loss: The total amount of loss sustained after accounting for any recoveries, salvage, or reinsurance. 17. Net Worth: The total assets minus total liabilities, often considered in underwriting decisions. 18. Non-Owned Auto Coverage: Insurance that provides liability protection when driving a vehicle not owned by the insured. 19. Non-Renewal: A decision by an insurer not to renew a policy at the end of its term. 20. Notice of Cancellation: An official statement from an insurer indicating the termination of a policy. 21. Net Retention: The amount of risk retained by an insurer after reinsurance. 22. Net Cash Surrender Value: The amount available to the policyholder if a life insurance policy is surrendered before maturity, after adjusting for loans and fees. 23. Net Investment Income: Income generated from investments, minus any expenses related to those investments. 24. Net Policyholder Liabilities: The total liabilities of an insurer to policyholders, after accounting for reinsurance. 25. Net Reinsurance Premiums: The premiums paid for reinsurance coverage, less any ceding commissions received. 26. Net Underwriting Income: The profit or loss from underwriting activities, excluding investment income. 27. Net Written Premiums: The total premiums written by an insurer, minus any reinsurance ceded. 28. Non-Occupational Disability Insurance: Coverage for disabilities that occur outside the workplace. 29. Non-Resident Agent: An insurance agent licensed to operate in a state other than the one where they reside. 30. Non-Waiver Agreement: An agreement that preserves the rights of both parties in an insurance contract while a claim is being investigated. 31. Notice of Claim: A formal request to an insurer to pay for a loss covered under a policy. 32. Net Asset Value (NAV): The value per share of a mutual fund or investment, calculated as total assets minus liabilities. 33. Net Income: The total earnings after all expenses, taxes, and costs have been deducted. 34. Net Premiums Earned: The portion of written premiums considered "earned" by the insurer, based on the time coverage has been in force. 35. Net Present Value (NPV): The value of a series of cash flows over time, discounted to present value. 36. Net Retained Lines: The maximum amount of risk an insurer retains on a single policy. 37. Net Single Premium: The amount needed to fund a future benefit, assuming no additional premiums will be paid. 38. New Business: Insurance policies that have been recently issued or acquired by an insurer. 39. New for Old: A replacement policy that provides new items in place of old ones that have been damaged or lost. 40. New Money Rate: The interest rate applied to new premiums or deposits in a life insurance or annuity contract. 41. No Claims Bonus: A discount on insurance premiums awarded for not making any claims over a certain period. 42. No-Fault Medical Coverage: Insurance that pays for medical expenses regardless of who is at fault in an accident. 43. Non-Assignment Clause: A provision in an insurance contract that prohibits the transfer of rights or benefits without the insurer's consent. 44. Non-Forfeiture Clause: A provision that allows a policyholder to receive some benefit or value if the policy lapses. 45. Non-Medical Insurance: Life insurance issued without a medical examination. 46. Non-Occupational Coverage: Insurance that provides benefits for injuries or illnesses not related to employment. 47. Non-Participating Provider: A healthcare provider that does not have a contract with an insurer, possibly resulting in higher out-of-pocket costs for policyholders. 48. Non-Recourse Loan: A loan secured by collateral, where the borrower is not personally liable beyond the collateral. 49. Non-Smoker Rates: Reduced insurance premiums for individuals who do not use tobacco products. 50. Notice of Underwriting: A communication from an insurer regarding the acceptance or modification of a policy application.