Expenditure that is regular, out of income and does not reduce the transferor’s normal standard of living, can be transferred from one person to another free of inheritance tax. Life insurance premiums may qualify for this exemption.
Insurance Encyclopedia
Normal Loss
Rupee amount of a particular type of loss which an organization typically suffer annually. Unless Insurance is needed for loss control or other reasons and organization typically will plan to retain rather than insure its normal losses budget able business expenses.
Normal pension age (NPA)
Earliest age at which a pension scheme member becomes entitled to receive full retirement benefits other than the guaranteed minimum pension. This definition is relevant for preservation and contracting out purposes. Each scheme has its own NPA; members retiring earlier normally get a reduced pension.
Normal pension/retirement date
Date applicable to an occupational pension scheme member as specified in the scheme rules. It is the date when a member becomes entitled to receive his retirement benefits and is usually the date of reaching that stated NPA.
Normal retirement (Pensions)
Retirement taken at the time the pension plan has deemed normal.
Normal retirement age (NRA)
The age at which a person holding a particular post normally retires.
Normal retirement benefit (Pensions)
The employee’s early retirement benefit or the benefit to be paid upon normal retirement, whichever amount is greater. The value of these amounts does not take in to account the medical or disability benefits provided.
North American Warranty
A warranty in a Marine Insurance Policy that the insured vessel will not proceed to certain places in the north at certain times.
Nose
Colloquial term describing the period between the retroactive date and the inception date of a claims-made policy. Claims arising from occurrences within this period but made during the policy period will be within the policy. Occurrences preceding the retroactive date are not within the ‘nose’ and not therefore covered regardless of when claimed.
Nose coverage
This is the opposite of tail coverage, although it fulfills the same need. Nose coverage most commonly provides prior acts coverage for insureds who are moving from a claims-made coverage form to an occurrence coverage form. It is provided by the replacement policy.