A Marine Insurance Company that is not a member of the Institute of London Underwriters.
Insurance Encyclopedia
Non-Insurance Transfers
Devices other than Insurance under which a business can transfer a potential loss to someone else. For example, the transfer may be accomplished through a provision in a lease.
Non-invalidation clause
A clause that can be added without charge to a fire policy. It protects the property owner against a breach of warranty by a tenant provided that the owner was not aware of the breach and he advises the insurers as soon as he becomes aware of it.
Non-investment insurance contract
A general insurance contract or a pure protection contract but which is not a long-term care insurance contract. Such contracts are governed by Insurance: Conduct of Business Rules except travel insurance sold as a part of a holiday package (a decision to be reviewed in 2007).
Non-mainstream regulated activity
Regulated activity of an authorised professional firm in relation to which certain conditions (5.2.1, The Professional Firms Sourcebook) are satisfied. This includes a condition making the regulated activity incidental to the provision of professional services. FSA requirements are modified or disapplied so that the supervision in regard to the activities is equivalent to that which applies to the exempt regulated activities of exempt professional firms.
Non-Marine
General Insurance other than Marine.
Non-medical insurance/non-medical limits
Life insurance arranged without the proposer being medically examined. The insurer requests a medical report from the proposer’s doctor with the proposer’s permission. Life offices have their own non-medical underwriting limits expressed in terms of age and sum insured, and type of policy.
Non-negligent cover
See: JCT CLAUSE 21.2.1.
Non-occupational policy
A contract which insures a person against off-the-job accident or sickness.
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A Policy which does not cover disability resulting from injury or sickness covered by workmen’s compensating. Group accident and sickness policies, for instance, are almost always non-occupational.
Non-occupational policy (Health Insurance)
A policy that does not cover injuries sustained while at work, because those injuries are covered by workers compensation.