Risk & Insurance Glossary - N

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N O P Q R S T U V W X Y Z

NAMED HAZARD POLICY – Insurance against loss of the insured for losses caused by the hazard named in the policy. (See also NAMED PERIL POLICY)
NAMED INSURED – The insured specifically named in the policy as being protected, as distinguished from others who may participate because of some interest in the subject matter.
NAMED PERIL POLICY – Insurance against loss of the insured for losses caused by the peril named in the policy. (See also NAMED HAZARD POLICY)
NEGLIGENCE – Failure to use such care as a reasonably prudent and careful person would under similar circumstances.
NET PREMIUM – (1) The premiums earned or written by an insurer after deducting premiums returned to policyholders and premiums paid for reinsurance; (2) The premium retained by the insurer after deduction of agents' or brokers' commissions.
NONADMITTED INSURER – An insurance company that has not been licensed to write insurance in a given jurisdiction.
NONASSESSABLE INSURANCE – Insurance under which the insured may not be called upon to pay an assessment in addition to his premium.
NONCONCURRENCY – The situation that exists when two or more policies provide differing coverage's on the same risk.
NONOWNED/HIRED AUTOMOBILE LIABILITY INSURANCE – Insurance against loss due to claims for damages arising out of the use of motor vehicles not owned or hired by the insured but used in the conduct of the insured's business.
NONWAIVER AGREEMENT – An agreement, after loss or accident between an insurer and insured, that investigatory activities of the insurer in connection with the claim shall not waive nor invalidate any of the provisions of the insurance contract or any of the rights of either of the parties.
NUCLEAR INSURANCE – Insurance provided by pools comprised of insurers to protect against loss caused by a nuclear accident. The pools write property and/or liability coverage and have limited capacity.
NUCLEAR LIABILITY – The strict liability of an operator of a nuclear facility for injuries to, or damage to property of others as result of a nuclear accident or occurrence. The amount of liability is limited by the Price–Anderson Act.