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.
Tag: RAW
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.
Nominal Damages
A small amount of money awarded to a plaintiff to verify his legal rights even though no actual damages have been proven.
***
See: Damages.
Nominal damages (Legal Terminology)
In a case which damages have not been proven, the plaintiff may be awarded a small sum. This is done to verify the plaintiffs’ legal rights.
Nominal Value
(1) The value stated on the face of a security. (2) A token value.
Nominated member
A member of the Council of Lloyd’s who is not an external member or a working member and whose appointment has been approved by the Governor of the Bank of England.