A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
N. Na Nb Ne Nh Ni No Nr Nu

Natural premium method

Outmoded method of charging life insurance premiums. Each premium is related to the current risk of death and therefore increases year by year. At later stages the premiums often become prohibitive as there is no reserve or surrender value. It differs from assessmentism in that no allowance is made for expenses. The level annual premium system overcomes the problem of the natural premium system.

Natural Rubber clauses

See: “Marine Insurance.”
***
Based on Institute Commodity trades clauses (B) with many of the clauses Identical. The rubber clauses provide a wider cover than the commodity trades (B) in that they cover all water damage also from any source including ship’s sweat and condensation. Loss or damage caused by hooks, spellings or leakage of any substance or liquid, other cargo, or moisture from wet or damp dunnage are also covered. There is cover also for theft, pilferage and non-delivery.

Navigation risks

The risks arising when a vessel is navigating or at sea as distinct from the risks arising in port or when the vessel is laid up.
***
The risks incidental to a vessel navigating or at sea, as opposed to those arising while the vessel is in port or laid up.

NBCR

An acronym referring to nuclear, biological, chemical and radiological exposures, which may be defined in the reinsurance agreement, for purposes of excluding, limiting or providing reinsurance coverage. This term is most often used in connection with defining what, if any, reinsurance coverage is provided for losses resulting from terrorism events.

Needs Approach

Determining the amount of the income/loss to be replaced by stating the minimum needs of the survivors. Unlike the earning power loss approach, the needs approach assumes some reduction in the survivors standard of living.

Negligence

US: A tort involving failure to use a degree of care considered reasonable under a given set of circumstances. Acts of either omission or commission, or both, may constitute negligence. The four elements of negligence are a duty owed to a plaintiff, a breach of that duty by the defendant, proximate cause, and an injury or damage suffered by the plaintiff. Liability policies are designed to cover claims of negligence.
***
UK: A tort meaning ‘the omission to do something which a reasonable man, guided upon those considerations which ordinarily regulate the conduct of human affairs, would do, or doing something which a prudent and reasonable man would not do. A claimant must show that: (a) the defendant owed him a duty of care; (b) he was in breach of that duty; (c) the breach caused him injury or damage that was not too remote. The reasonable man has been described as the ‘man on the Clapham omnibus’ and someone who does not have the agility of an acrobat or the wisdom of a Hebrew prophet’. Persons professing special skill, e.g. solicitors, must use the customary skill of their profession.
***
A tort, the failure to do something which a “reasonable person” would do under the circumstances, or doing something a “reasonable person” would not do. The elements of this tort include: A legal duty to use reasonable care under the circumstances, a breach of this duty, a direct causal link between the breach and the plaintiffs harm and resulting harm to the plaintiff.
***
Action or failure to act that is outside the realm of what would be considered appropriate by ordinary, reasonably prudent persons.
***
US Failure to use the care that a reasonable and prudent person would have used under the same or similar circumstances.
***
UK the omission to do something which a reasonable person, guided by those considerations which ordinarily regulate the conduct of human affairs, would do; or the doing of something which a prudent and reasonable person would not do.
***
When an individual fails to act as a reasonable and prudent person would have acted under similar circumstances, that individual may be held to have been negligent. The decision as to whether an at fault party was negligent is generally determined by a court of law. The penalty for negligence is money damages. An at-fault party can be held liable for negligence only if the injured party can prove all the following elements of negligence: (i) The at-fault party owed a legal duty to the plaintiff to use due care, (ii) The at-fault party breached the legal duty owed to the injured party (iii) The injured party suffered actual damage and (iv) There was a proximate or close casual connection between the at-fault party’s negligent act and the resulting damage to the injured party.