Reference guide
Insurance Glossary
Plain-language definitions of common insurance terms across policies, coverage, and claims. Check your policy or plan documents for the terms that apply to you.
Find an insurance term
Showing 23 of 23 matching terms
Terms beginning with N
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Named insured
General insurance - The person or organization specifically listed in the policy declarations as an insured.
- Also called: primary named insured
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Named non-owner policy
Auto insurance - Auto liability coverage for a named person who does not own a vehicle but may occasionally drive eligible vehicles.
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Named perils policy
Home insurance - A policy that covers only the causes of loss specifically listed in its terms.
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National Association of Insurance Commissioners
General insurance - A U.S. organization of state insurance regulators that develops model laws, standards, and data resources.
- Also called: NAIC
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Net investment income
General insurance - Income an insurer earns from investments after associated investment expenses.
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Net retention
General insurance - The amount of loss or risk an insurer retains after applying reinsurance recoveries.
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Network
Health insurance - The doctors, facilities, and other providers a health plan has contracted with or recognizes for covered care.
- Also called: provider network
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Network adequacy
Health insurance - A standard for whether a health plan’s provider network has enough appropriate providers for enrolled members to obtain covered care.
- Also called: adequate network
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New car replacement coverage
Auto insurance - Optional coverage that may replace a qualifying recently purchased totaled vehicle with a new comparable vehicle instead of paying depreciated value.
- Also called: new vehicle replacement
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Newly acquired property coverage
Business insurance - Temporary coverage a property policy may provide for property acquired during the policy period, subject to limits and notice rules.
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No-fault insurance
Auto insurance - A system in some places where certain injury benefits may be paid through a person’s own auto coverage after an accident.
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Non-formulary drug
Health insurance - A prescription drug that is not included on a health plan’s standard covered drug list.
- Also called: non-covered drug
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Non-owned auto liability
Business insurance - Business auto liability coverage for qualifying vehicles the business does not own, such as employee-owned vehicles used for work.
- Also called: non-owned auto coverage
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Non-owned trailer liability
Business insurance - Coverage addressing liability from eligible trailers the insured uses but does not own.
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Non-owner car insurance
Auto insurance - Auto liability coverage for a person who does not own a vehicle but drives borrowed or rented vehicles under covered circumstances.
- Also called: non-owned auto insurance
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Non-waiver agreement
Claims - An agreement allowing an insurer to investigate or handle a claim without giving up available coverage defenses.
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Nonadmitted insurer
General insurance - An insurer not licensed in a particular state, though it may lawfully provide eligible surplus lines coverage under state law.
- Also called: unauthorized insurer
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Nonconcurrency
General insurance - A difference in terms, limits, deductibles, or policy periods between two policies intended to cover the same loss.
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Nonforfeiture option
Life insurance - A choice available under a cash-value life policy after premiums stop, such as reduced paid-up insurance or extended term insurance.
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Nonqualified annuity
Life insurance - An annuity purchased with after-tax funds outside a qualified retirement plan.
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Nonrenewal
General insurance - A decision not to continue a policy when its current term ends.