|Insurance Definitions and Insurance Terms Letter N
|Insurance Terms By Alphabet
|Insurance Glossary and Insurance Terms Definitions are below.
Choose the letter of the alphabet that your Insurance question or term falls under. You may browse the
definitions to obtain an understanding of the product you have. These definitions are not limited to just car
Insurance. Thank you for visiting our site.
Peril specifically mentioned as covered In an Insurance policy.
NATIONAL FLOOD Insurance PROGRAM
Federal government-sponsored program under which flood Insurance is sold to homeowners and
Auto Insurance Coverage that pays for each driver’s own injuries, regardless of who caused the accident. No-
fault varies from state to state. It also refers to an auto liability Insurance system that restricts lawsuits to
serious cases. Such policies are designed to promote faster reimbursement and to reduce litigation. This
Coverage is not available In all states, check with us to find out more.
A type of accident Coverage In homeowners policies.
The idea that people who don’t buy Coverage should not receive benefits. Prohibits uninsured drivers from
collecting damages from insured drivers. In most states with this law, uninsured drivers may not sue for
noneconomic damages such as pain and suffering. In other states, uninsured drivers are required to pay the
equivalent of a large deductible ($10,000) before they can sue for property damages and another large
deductible before they can sue for bodily harm.
Assets that are not included on the balance sheet of an Insurance company, including furniture, fixtures,
past-due accounts receivable, and agents’ debt balances
Insurers licensed In some states, but not others. States where an insurer is not licensed call that insurer non-
admitted. They sell Coverage that is unavailable from licensed insurers within the state.
NOTICE OF LOSS
A written notice required by Insurance companies immediately after an accident or other loss. Part of the
standard provisions defining a policyholder's responsibilities after a loss.
Covers operators of nuclear reactors and other facilities for liability and property damage In the case of a
nuclear accident and involves both private insurers and the federal government.
NURSING HOME Insurance
A form of long-term care policy that covers a policyholder’s stay In a nursing facility.
NOTICE: These glossary definitions provide a brief description of the terms and phrases used within the
Insurance industry. These definitions are not applicable In all states or for all Insurance and financial
products. This is not an Insurance contract. Other terms, conditions and exclusions apply. Please read your
official policy for full details about coverages. These definitions do not alter or modify the terms of any
Insurance contract. If there is any conflict between these definitions and the provisions of the applicable
Insurance policy, the terms of the policy control. Additionally, this informational resource is not intended to
fully set out your rights and obligations or the rights and obligations of the Insurance company, agent or
agency. If you have questions about your Insurance, you should contact your Insurance agent, the
Insurance company, or the language of the Insurance policy.
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