BROWN O'HAVER Adjusters For THe Insured

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Insurance Dictionary

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A B C D E F G H I J L M N O P R S T U W

NAPIA - National Association of Public Insurance Adjusters.

NAIC - National Association of Insurance Commissioners. These are state insurance commissioners who are active in discussions of problems and in the formation and recommendation of uniform practices and legislation.

NAMED INSURED - Any person , firm or corporation specifically designated by name as the insured in the policy as distinguished from other persons, who though unnamed, may be protected under some circumstances in the policy. For instance, the named insured might be John Smith. The policy may also refer to members of John Smith's family while living under his roof. Under certain circumstances, all of these additional people might be covered. They would become omnibus insureds.

NAMED PERIL POLICIES - These policies specify what perils are insured against.

NATIONAL FLOOD INSURANCE PROGRAM (NFIP) - A program by the Federal government to provide flood insurance at subsidized rates.

NEGLIGENCE - The omission of the standard of care which an ordinarily careful man takes with his affairs. This lack of care is usually divided into three classes: slight, ordinary, or gross.

NEIGHBORHOOD CANVASS - Door-to-door check of the neighborhood surrounding the location or scene of an accident. Its purpose is to uncover unknown witnesses or information concerning the accident.

NET COST - Any policy dividends paid and premiums paid minus cash value as of the date the calculation was made.

NET LINE - This is the amount of liability that the insurance company is prepared to expose to loss for its own account.

NON-CONCURRENCY - A situation where many insurance policies, meant to cover the same property for the same hazards, are not identical as to the extent of coverage or the interest insured.

NON-FORFEITURE VALUES - The values in a life insurance policy that the policy owner does not forfeit even if he stops paying premiums such as, cash value, loan value, paid-up value, extended term value.

NON-PARTICIPATING - This insurance does not pay policy dividends.

NON-RESIDENT AGENT - An agent who is licensed in a state in which he does not live.

A B C D E F G H I J L M N O P R S T U W

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