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  Insurance Terms

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Named Peril Policy
The insurance contract under which covered perils are listed. Benefits for a covered loss are paid to the policy-owner. If an unlisted peril strikes, no benefits are paid.

Failure to exercise a generally acceptable level of care and caution that results in injury or damage to a third party.

All physicians, specialists, hospitals and other health care providers who agree to provide medical care to HMO/PPO members under the terms of a contract.

NFIP National Flood Insurance Program
The program of flood insurance coverage and floodplain management administered under the Act and applicable Federal regulations promulgated in Title 44 of the Code of Federal Regulations, Subchapter B.

No-fault Insurance
A form of insurance available in many states under which each driver in an accident files claims for losses, such as medical expenses, with their own insurance company, regardless of who caused the accident.

Nonforfeiture Options
Choices available to a policyholder when he or she discontinues a cash value policy after several years but before maturity. It may be in a cash payment, extended term insurance, or as reduced paid-up term insurance.

Nonparticipating Insurance
Insurance that does not pay dividends. Also called nonpar policy.

Nonparticipating Policy
A policy in which the company does not distribute any of its surplus to its policyholders.

The termination of the insurance contract by electing not to renew the policy at the anniversary date.

Nonstandard Company
Sells insurance at high rates to drivers with poor driving records or other problems.



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