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

National Association of Insurance Commissioners (NAIC): National organization of state officials charged with regulating insurance. It has no official power but wields significant influence. NAIC was formed to provide national uniformity in insurance regulations.

NCCI:
National Council on Compensation Insurance

Net Capital Gains:
Realized and unrealized capital gains on investments.

Net Exposure to Capital and Surplus Ratio:
The ratio of net exposure in force to capital and surplus.

Net Exposure to Statutory Capital Ratio:
The ratio of net exposure in force to statutory capital.

Net Income:
Income after dividends and taxes (including realized capital gains).

Net Investment Income:
Net investment income less investment expense.

Net Investment Income Ratio:
Net investment income divided by net premiums earned.

Net Operating Income:
Income after dividends and taxes (excluding realized capital gains).

Net Premiums Written:
Total premiums written minus premiums ceded.

Net Premiums/Gross Premiums:
Net premiums incurred as a percentage of gross premiums incurred

Net Reserves/Gross Reserves:
Net reserves for life and accident & health policies as a percentage of gross reserves for life and accident & health policies.

No-Fault Insurance:
No-fault insurance (sometimes known as PIP or PPI) is designed to pay for the financial losses associated with minor accidents as quickly as possible. Under a no-fault system, your own insurance company will pay medical expenses and lost wages caused by an accident, regardless of who was at fault. In the long run, this system saves time and money that would otherwise be spent litigating petty claims. Usually, that means less expensive auto insurance. In exchange, no-fault systems limit the right to sue under certain circumstances. Not every state has of-fault, and systems vary quite a bit from state to state. In Michigan, there is no limit to the amount that you can collect under no-fault. In other states, you may only be able to collect $5,000.  Once no-fault runs out, motorists can turn to their uninsured motorist/underinsured motorist coverage to make up the difference.

Noncancellable Policy:
A policy that can be maintained through timely payment of the premiums until the policyholder is at least age 50 or, in the case of a policy issued after age 44, for at least five years from the date of issue. The insurer may not unilaterally change any provision of the in-force policy, including premium rates.

Noncontributory Plan:
Group insurance plan under which the employer does not require employees to share in its cost.

Nondisabling Injury:
Any injury that may require medical care but does not result in the loss of working time or income.

Non-Forfeiture Option:
One of the choices available if the policyholder discontinues payments on a policy with a cash value. This may be taken in cash as extended term insurance or as reduced paid-up insurance.

Non-Forfeiture Values:
The value of the policy if canceled, either in cash or in another form of insurance. Also available to the policyholder if required premium payments are not paid.

Non-Medical Limit:
The maximum face value of a policy that a given company will issue without the applicant taking a medical examination.

Nonoccupational Policy:
Policy that covers only non-job-related accidents or sicknesses not covered under any workers' compensation law.

Non-Participating Insurance:
Insurance on which no dividends are paid.

Nonprofit Insurers:
Corporations organized under special state laws to provide medical benefits on a not-for-profit basis (for example, Blue Cross Blue Shield and Dental Service Corporations).