Named Peril
A form of policy that covers sufferers caused by risks specified in the bond such as fire, windstorm, and hail in a homeowner’s policy.

NAIC
National Association of Insurance Commissioners. National organization of shape officials charged with regulating insurance. NAIC was shaped to provide national uniformity in insurance regulations.

National Flood Insurance Program
Federal administration sponsored program under which flood insurance is sold to homeowners and businesses.

NCCI
National Council on Compensation Insurance

Net Capital Gains
Realized and unrealized capital increase on investments.

Net Investment Income Ratio
Net investment income divided by net quality earned.

Net Income
Income later than dividends and taxes.

Net Operating Income
Income after dividends and taxes.

Net Premiums Written
Total premiums written minus premiums yield.

Net/Gross Premiums
Net/Gross premiums incurred as a fraction of gross premiums incurred.

Net Reserves/Gross Reserves
Net assets for life and accident & health policies as a fraction of gross reserves for life and accident & health policies.

No Fault
Auto insurance exposure that pays for each driver’s own injuries, regardless of who caused the accident. It also refers to an auto accountability insurance system that restricts lawsuits to serious cases.

No Fault Insurance
No-fault insurance is designed to pay for the financial losses associated with minor misfortune as quickly as likely. Under a no fault scheme, your own insurance company will pay medical expenses and lost wages caused by an accident.

No Fault Medical
A forms of accident coverage in homeowners policies.

Non Forfeiture Option
One of the choices offered if the policyholder discontinues payments on a policy with a cash assessment. This may be taken in cash as extended term insurance or as concentrated paid-up insurance.

Non Admitted Assets
Assets that are not integrated on the balance sheet of an insurance corporation, including furniture, fittings, past-due accounts receivable, and agents debt balances.

Non Admitted Insurer
Insurers licensed in some states, but not others. States where an insurer is not licensed call that insurer none admitted.

Non cancelable Policy
The insurer may not unilaterally modify any provision of the in-force policy, including premium rates.

Non Contributory Plan
Group insurance arrangement under which the company does not need employees to share in its rate.

Non Forfeiture Options
various tradition in which a bond owner may apply the cash submit value of an insurance or an annuity contract if the contract lapses.

Non Forfeiture Values
Value of the policy if irrecoverable, either in cash or in another type of insurance. Also available to the policyholder if required premium payment not paid.

Non Medical Limit
The maximum face value of a policy that a given company will subject without the candidate taking a medical examination.

Non Occupational Policy
Policy that covers only non job related accidents not covered under any workers reimbursement law.

Non Participating Insurance
Insurance on which no payment are paid.

Non Participating Policy
A life insurance policy in which the corporation does not deal out to policyholders any part of its surplus.

Non profit Insurers
Business organized under extraordinary state laws to provide medical benefits on a not for profit institution.

Notice of Loss
A printed notice required by insurance companies immediately after an accident or other loss.

Nuclear Insurance
Covers operators of nuclear reactors and other facilities for liability and property damage in the case of a nuclear accident and engages both confidential insurers and the federal management.

Nursing Home Insurance
A form of long term care policy that covers a policyholder’s reside in a nursing facility.