Dictionary

a b c d e f g h i j k l m n o p q r s t u v w x y z
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 Association of Realtors

The largest real estate professional organization in the world, representing all branches of the real estate industry. Active members are allowed to use the trademark Realtor®.

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.

Negative Amortization

A gradual increase in mortgage debt that occurs when the monthly payment is not large enough to cover the entire principal and interest due. The amount of the shortfall is added to the remaining balance to create “negative” amortization.

Negative Cash Flow

See Cash Flow.

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.