|  Insurance Glossary. The Letter N UK Home Insurance for homeowners in the United Kingdom Competitive Prices with Comprehensive Cover for high Net Worth Individuals Options include contents cover and all risks Building Insurance, in fact insurance in general is an enormously complex subject. Often you will encounter words that you are unfamiliar with, we have provided a list of some of the most popular terms and hope that they will prove useful to you. Simply Click on the Letter Below to be Taken to your Page. National Brokers - Intermediaries with a national presence, whose clients are often corporate bodies and have departments specialising in different sectors of the market. Negligence - Perhaps the most common form of tort. In Blyth v Birmingham Waterworks Co. (1856) it was defined as 'the omission to do something which a reasonable man guided by those considerations which ordinarily regulate the conduct of human affairs would do, or doing something which a prudent and reasonable man would not do'. Gives rise to civil liability. Net Assets - The excess of an insurer�s assets over its liabilities. Net Premium - A premium net of reinsurance ceded but gross of commission, and excluding premium tax. Net Relevant Earnings - Are used to determine the maximum contributions to a Retirement Annuity or Personal Pension.
New-For-Old - Cover for property where an item lost or destroyed would be replaced with a brand new one, with no deduction for wear and tear. Also called Replacement-as-New. No Claim Discount (or Bonus) - A reduction in a renewal premium to reflect a claim-free record; used most often in motor insurance. Non-comprehensive Cover - A policy covering a limited number of types of loss or damage. The term is mainly used in motor insurance, where a vehicle may have RTA cover � the minimum cover provided by the Road Traffic Act; third party cover, which indemnifies the policyholder for damage caused to other people�s property and injury that may be caused to others; or third party, fire and/or theft cover which additionally provides compensation to the policyholder if the insured vehicle is destroyed or damaged by fire and/or theft.
Non-Disclosure - Where you or anyone acting for you, fails to state a material fact when applying for insurance. Non-Linked - Life insurance policies that are non-linked receive their investment income in the form of "bonuses", paid out of the total income earned by the insurance company on its pooled fund, and are also known as "with-profits". The value of the saver�s fund thus depends on the amount he/she has bought and the amount of bonuses added. Once added, bonuses cannot be taken away, making these policies generally less volatile than linked policies. Non-proportional Treaty Reinsurance - This relates to the whole of a certain class of business and is a way of limiting the loss made by the ceding office. Not Contracted-out - Someone who is not contracted out of the State Earnings-Related Pension. Copyright Building-insurance-uk.co.uk 2008 |
