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Named Insured

Any person, firm, or corporation designated by name as the specific insured in a policy.

Named Nonowner Coverage

An endorsement that can be added to the Personal Auto policy to provide coverage for a named individual who does not own an auto while the insured is operating autos owned by others.

Named Perils Policy

A policy specifying only those perils to be insured against, in contrast to a policy that insures all perils not specifically excluded.

Named Schedule Coverage

A type of Employee Dishonesty insurance that covers loss only from named employees.

Negligence

The failure to exercise that degree of care that the law requires to protect others from an unreasonable risk of harm. The failure to act as a prudent person would have acted under similar circumstances.

Net Line

The amount of coverage a company will accept as its maximum.

No-Fault Insurance

See Personal Injury Protection.

Nonadmitted Insurer

An insurance company not licensed to do business in a certain state. Such insurers can nevertheless write coverage through an excess and surplus lines broker that is licensed in the jurisdiction.

Nonassessable Policy

One issued by a mutual or reciprocal exchange which provides that the insured may not be assessed. His payments are thus limited to the amount of premiums paid.

Noncancelable

A type of Health insurance policy which the company may not cancel, but must renew to a certain age with no change in premium. Affords the greatest degree of continuation protection to the insured.

Nuclear Energy Liability Endorsement

A mandatory endorsement which must be included with the Commercial General Liability coverage part of the Commercial Package policy. In general, it excludes all hazards related to nuclear energy.