Retirement taken at the time the pension plan has deemed normal.
Insurance Encyclopedia
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.
Not otherwise classified (NOC) (Liability Insurance/ Workers Compensation)
A term used by workers compensation rating manuals or liability manuals. Listings that are followed by the abbreviation NOC are to be used only if the insured cannot be otherwise classified.
Not taken
A policy that has been applied for and issued to the possible insured but rejected and not taken or paid for.
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Policies applied and issued but rejected by the proposed owner and not paid for.
Not to inure clause
Clause 15 (Benefit of Insurance Clause) of the Institute Cargo Clauses provides that the insurance is not to inure for the benefit of the carrier or other bailee. Contracts of carriage or bailment may provide that the carrier or bailee will have the benefit of any insurance on the goods. The aim is to deny insurers their subrogation rights against the carrier or bailee. The ‘not to inure clause’ protects the insurer by negating this contractual provision.
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A clause in a Marine Cargo insurance policy providing that the insurance shall not inure to the benefits of the carrier or other bailee. In other words the clause reserves the insurer’s potential right of recovery from the carrier or bailee.
Not Under Repair
The clause in a Marine Hull Policy governing returns of premium when the vessel is laid up provides for a higher rate of return when the laid up vessel is not under repair.