1. 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.
2. 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 no-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.
3. 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.
4. noncontributory plan
Group insurance plan under which the employer does not require employees
to share in its cost.
5. nondisabling injury
Any injury that may require medical care but does not result in the loss of
working time or income.
6. 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.
7. 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.
8. non-medical limit
The maximum face value of a policy that a given company will issue without
the applicant taking a medical examination.
9. nonoccupational policy
Policy that covers only non-job-related accidents or sicknesses not covered
under any workers' compensation law.
10. non-participating insurance
Insurance on which no dividends are paid.
11. nonparticipating policy
Policy that does not provide for payment of a dividend.
12. 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).
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.
2. 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 no-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.
3. 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.
4. noncontributory plan
Group insurance plan under which the employer does not require employees
to share in its cost.
5. nondisabling injury
Any injury that may require medical care but does not result in the loss of
working time or income.
6. 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.
7. 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.
8. non-medical limit
The maximum face value of a policy that a given company will issue without
the applicant taking a medical examination.
9. nonoccupational policy
Policy that covers only non-job-related accidents or sicknesses not covered
under any workers' compensation law.
10. non-participating insurance
Insurance on which no dividends are paid.
11. nonparticipating policy
Policy that does not provide for payment of a dividend.
12. 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).
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