Sum of money paid by a charter airline normally to a scheduled airline in order that it waives its right of objection to its government, thus, allowing a charter to take place. Tantamount to a bribe. The amount is usually a fixed percentage of the gross cost of a charter. Common practice in the Middle East and Africa.
Insurance Encyclopedia
No risk no premium
Where the risk has not been run by the insurer any premium paid by the insured must be returned to him (Tyre v. Fletcher (1777)).
No-Fault
A type of auto insurance mechanism whereby the right to sue another party for damages caused by negligence is limited and, in exchange, expanded first party benefits are offered.
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No fault means that the claimant is not required to prove that the death, injury or damage was due to any wrongful act, neglect or default of any person.
No-fault auto insurance
A few states have laws that partially exempt drivers from legal liability for auto accidents. In these no fault states car owners buy insurance to protect themselves and their passengers from the economic and medical effects of auto accidents in addition to liability insurance at whatever limit the statute decrees. Professors Robert Keeton and Jeffrey O’Connell gave the no fault notion impetus with the 1967 publication of their study “After Cars Crash.”
No-fault Automobile Insurance
A form of insurance by which a person’s financial losses resulting from an automobile accident are paid by his or her own insurer regardless of who was at fault.
No-Fault Insurance
A form of first party insurance written in conjunction with a no-fault law. Under a no fault law, the person causing injury is granted immunity from tort action and the person causing injury is granted immunity from tort action and the person injured must collect for his loss from his own insurer.
No-fault insurance (Vehicle Insurance)
Insurance that permits the injured party in an automobile accident to file claims to his or her insurance company, without regard to who caused the accident. This type of insurance is legally mandated in many states.
No-Fault Threshold
A rupee limit below which one may not bring tort liability action against those responsible for automobile accidents.
NOC
Underwriter’s shorthand derived from general liability and workers compensation rating tables that stands for not otherwise classified meaning no more specific classification is available—as in Clerical Office Employees NOC.
Noise at Work Regulations 1998
Oblige an employer to prevent damage to the hearing of workers from ‘noise doses’ above the prescribed level. A risk assessment must be carried out whenever an employee is likely to be exposed to this risk.