Glossary
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Named-perils policy claim is paid if the listed peril in the policy is the cause of loss.
NAVThe net asest value is the actual value of a share/unit on any business day.
Needs approach In life insurance planning, the family needs are analyzed in the event of death of the breadwinner and fixing suitable limits for life insurance.
Negligence Failure to exercise standard care required by law to protect others from harm.
Net Asset Value (NAV)The value or purchase price of a share of stock in a mutual fund.
No-fault insurance An injured person collects insurance benefits from his insurer and he is not required to sue the negligence of a third party.
NominationIn life insurance policy treated as an asset, the policyholder executes nomination in favour of, say, wife to receive the policy moneys on behalf of all class I legal heirs in the event of death claim
NOMINEEA person who may become eligible to receive or who is receiving the contractual benefits stated in a life insurance policy.
Non forfeiture low Refer incontestable clause.
Non-insurance transfer Pure risk is transferred without taking insurance policy. For instance, lease agreement.
NON-PARTICIPATING POLICYA policy which does not provide for the policy owner to participate in the profits of divisible surplus of the company.
Normal Retirement AgeThe earliest age at which a participant in a pension plan can retire and receive the plan's specified benefit in full. Usually age 65.
NRINon-resident Indian