Dictionary

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Name Schedule Bond

Fidelity bond that covers each employee named in the policy schedule for the amount listed in the schedule.

Named Insured

Any person, firm, or corporation, or any member thereof, specifically designated by name as insured(s) in a policy, as distinguished from the others who, though unnamed, are protected under some circumstances.

Named Peril Policies

Policies that insure against only the Perils named, contrary to All-Risk policies. Sometimes called Specified Peril policies.

National Association of Insurance Commissioners (NAIC)

An organization made up of all the insurance commissioners of the various states designed to provide a way to exchange information and work toward uniformity of insurance regulation among the states. However, insurance laws are still far from uniform.

National Flood Insurance Program

The federal government’s program to provide Flood insurance at subsidized rates.

Nationwide Definition

A document designed to categorize and classify risks eligible for Ocean or Inland Marine insurance.

Negligence

Failure to use that degree of care that an ordinary person of reasonable prudence would use under the same given circumstances. Negligence may be constituted by acts of either omission or commission or both.

Net Cost

Premiums paid minus cash value and any policy dividends paid as of the date the calculation is being made.

No-Fault Insurance

A form of Automobile insurance mandated by law in many states whereby an insurance company reimburses its insured for auto losses, regardless of fault, and without resort to subrogation.

Non-cancelable

A contract of Health insurance that the insured has a right to continue in force by payment of premiums, as set forth in the contract, for a period of time, and that the insurer has no right to change any provision of the contract.