NOTE:  All definition are from the Insurance Bureau of Canada


NAMED INSURED - The person in whose name the policy is issued. Technically, he or she would be the first party to the contract, the second  party being the insurance company that issues the policy.

NAMED PERILS INSURANCE POLICY - Covers only those perils, such as fire and theft, that are  specifically named in the insurance policy.

NATURAL DISASTER - A disaster caused by the elements such as flood, earthquake, tornado, lightning, etc.

NEGLIGENCE - To fail to do what a reasonable and prudent person would do  (or to do what such a person would not do); this can result in property damage,  injury or death.

NO-FAULT - This type of automobile insurance provides some compensation  for personal injury and death arising out of a motor vehicle accident, with  payments made regardless of who caused the loss. However, it does matter who  caused the accident; if found to be at fault, a driver may experience an  increase in future premiums.

NON-DISCLOSURE - A contract of insurance is based on utmost good faith. An applicant for insurance is required to disclose to the company all material facts which are necessary to underwrite a policy. If the applicant does not disclose all these facts, he/she is guilty of non disclosure and may risk having  coverage voided from inception.

NON-INSURABLE RISK - A risk for which no insurance can be written. The chance of loss is very high or cannot be accurately measured.

NON-OWNED AUTOMOBILE POLICY - A policy that gives you liability protection for when you are in at-fault accident and do not own a car.

NOTICE OF LOSS - Notice detailing the losses and the circumstances surrounding how they occurred required by insurance companies immediately after an accident or other loss.

NOTICE OF TERMINATION - The conditions of insurance policies stipulate how a policy may be terminated during its term. For example, a policy may be terminated by the insured at any time or by the insurer who must give the insured a certain number of days' notice of termination by registered mail or a certain lesser number of days' written notice of termination personally delivered.

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