A basic contract for fire insurance that was widely used in almost all states. The policy covered losses due to fire, as well as lightening, and was a predecessor to modern forms. This policy is no longer widely used, but still exists in some states.
Insurance Encyclopedia
Newly acquired autos (Vehicle Insurance)
A newly purchased vehicle, which the insured must notify the insurer about within 30 days of purchase. Vehicles purchased during the term of the policy receive some coverage automatically under the policy.
Newly constructed or acquired property
An extension of coverage within a multiperil policy to new property purchased or added by the Named Insured. Normally such an extension has a value limit and a time period during which the Named Insured is expected to report the additional property and pay the appropriate premium.
News Paper Policy
An insurance of limited health insurance often sold by newspapers to build or conserve circulation.
Newspaper policy (Health Insurance)
A limited health insurance policy that is sold by newspaper advertisements with the aim of increasing circulation.
NHS indemnity
An indemnity provided by the Crown to pay for the financial consequences of alleged negligence on the part of medical practitioners occurring in NHS hospitals. It does not cover private practice, ‘Good Samaritan’ acts or other work undertaken outside the practitioner’s NHS contract and neither does it include General Medical Council or disciplinary hearings or any criminal charges resulting from clinical practice work in the NHS.
Night
A goods in transit policy warranted that vehicles would be in ‘locked garages at night’, except when employed on night journeys, but then never left unattended (A. Cohen & Co. Ltd v. Plaistow Transport Ltd (Graham, Third Party) (1968)). McKenna J. stated, obiter, that night should be construed by reference to lighting up time.
Night risk clause
Goods in transit clause to warrant that vehicles left loaded overnight must not be unattended unless locked and immobilised in accordance with any such provision in the policy. It may also be required that such vehicles be left either in a building or yard, which is also securely closed and locked, or in an attended official car park. See NIGHT.
Nil certificate
Certifies that a transfer value is not to be used to provide retirement benefits in lump sum form, such as on a transfer from an FSAVC scheme.
Nil Claim
A claim that results in no payment by the insurer, e.g., because the claim is found not be valid, or because the amount of the loss turns out to be no greater than the excess, or because the policyholder has reported a claim in order to comply with the conditions of the policy but has elected to meet the cost in order to preserve and entitlement to no claim discount.