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INSURANCE LEGAL GLOSSARY |
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Glossary of
Insurance Terms
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National Council on Compensation Insurance (NCCI): An association of insurers selling compensation coverage and operating as a rating organization. NCCI collects statistics, develops rates and policy forms, and makes state filings for its members.
Named Insured: Any person, firm or corporation, designated by name, as the insured person in a policy. Others may be protected by policy definition even though their names aren't on the policy, such as other drivers operating (with consent) the named insured's covered auto.
Named Non-Owner Policy: A policy endorsement for someone who operates a vehicle which they do not own.
Negligence: Failure to exercise a generally acceptable level of care and caution that results in injury or damage to a third party.
Network: All physicians, specialists, hospitals and other health care providers who agree to provide medical care to HMO/PPO members under the terms of a contract.
No-Fault Insurance: A form of insurance available in many states under which each driver in an accident files claims for losses, such as medical expenses, with their own insurance company, regardless of who caused the accident.
No-Fault Insurance: Many states have enacted auto accident compensation laws permitting auto accident victims to collect directly from their own insurance companies for medical and hospital expenses regardless of who was at fault in the accident. Although there are many legal variations of no-fault insurance, most states still allow people to sue the negligent party if the amount of damages exceeds a certain state-determined threshold. (see "Threshold Level.")
Non-Forfeiture Options: Choices available to a policyholder when he discontinues a cash-value policy after several years, but before maturity. It may be in a cash payment, extended term insurance, or as reduced paid-up term insurance.
Non-Owned Auto: Any vehicle that is not owned, borrowed, or leased by the insured, and which is used primarily for a business purpose.
Nonparticipating Insurance: Insurance that does not pay dividends.
Non-Participating Policy: A policy in which the company does not distribute any of its surplus to its policyholders.
Non-Renewal: The termination of the insurance contract by electing not to renew the policy at the anniversary date.
Nonstandard Company: Sells insurance at high rates to drivers with poor driving records or other problems
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