Homeowners Insurance terms starting with N

5 terms

1. Named perils Specific events covered by a policy, such as fire, windstorm, and theft.
2. Negligence Failure to exercise a generally acceptable level of care and caution resulting in injury or damage to a third party.
3. Non-Bound Application There is no coverage involved and you pay no money. The insurance agent submits the application to the company to find out whether or not you will be…
4. Non-renewal A notice of the insurance company’s refusal to renew your policy prior to the end of the policy term.
5. North Dakota Insurance Guaranty Fund A fund that pays an insurer's claims when the company is insolvent. All North Dakota licensed automobile insurance companies belong to the North Dakota…