Insurance terms starting with N

16 terms

  1. Named driver exclusion An endorsement that provides that a policy does not cover accidents when a specifically named person is the driver.
  2. Named driver policy An automobile insurance policy that doesn't provide coverage for an individual residing in a named insured ’s household specifically unless the…
  3. Named perils Specific events covered by a policy, such as fire, windstorm, and theft.
  4. National Flood Insurance Program (NFIP) The program of flood insurance coverage and floodplain management administered under the Flood Disaster Protection Act (FDPA or Act) and applicable…
  5. National Flood Insurance Reform Act (NFIRA) The purpose of the National Flood Insurance Reform Act of 1994 is to improve the financial condition of the NFIP and reduce federal expenditures for…
  6. Negligence Failure to exercise a generally acceptable level of care and caution resulting in injury or damage to a third party.
  7. Negligence/Negligent A determination of fault in an accident caused by your inattention or carelessness.
  8. No-fault insurance A form of insurance available in many states under which each driver in an accident files claims for losses, such as medical expenses, with their own…
  9. 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…
  10. Non-forfeiture Values The value of the policy if cancelled, either in cash or in another form of insurance.
  11. Non-owners policy Insurance coverage that offers liability, uninsured motorist, and medical payments to a named insured who does not own a vehicle.
  12. Non-participating Insurance Insurance on which no dividends are paid.
  13. Non-renewal A notice of the insurance company’s refusal to renew your policy prior to the end of the policy term.
  14. Non-Residential Includes, but is not limited to: small business concerns, churches, schools, farm buildings (including grain bins and silos), pool houses, clubhouses…
  15. Non-Special Flood Hazard Area (NSFHA) An area in a low to moderate risk flood zone (Zones B, C, X) that is not in any immediate danger from flooding caused by overflowing rivers or hard rains.
  16. 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…