Making no financial preparation for meeting losses.
Tag: RAW
Non Insurance Transfer
Transfer of a loss exposure t an entity which is not an Insurer. Forms of non-Insurance transfer are indemnity or hold-harmless agreements; being a named insured under another party’s Insurance coverage; acquisition/divestiture.
Non Payment Risk
The risk that a debt will not be paid when due.
Non Standard Construction
Used in fire insurance to describe a building any part of which does not conform to the rules for the minimum grade of construction.
Non-admission of liability clause
Liability policy clause prohibiting the insured from compromising or settling any claim or admitting liability without the written consent of the insurer. The clause is not contrary to public policy and the insurer does not have to show that he was prejudiced in order to rely on it.
Non-Admitted Assets
Assets that do not qualify under law for insurance statement purposes. Examples would be furniture, fixtures, agents’ debit balances and accounts receivable which are over ninety days old.
Non-Admitted Company
Insurance Company that has not been licensed to do business in a particular country. In that country it is a “non-admitted Company.”
Non-Admitted Insurer
An insurer that has not been licensed to write insurance in a given jurisdiction.
Non-Admitted Reinsurance
Reinsurance placed with a reinsurer that does not have authorized or equivalent status in the jurisdiction of domicile of the ceding company and for which the ceding insurer may not take accounting credit in the ceding insurer’s Annual Statement without the reinsurer posting security. (See also Admitted Reinsurance.)
Non-apportionable annuity
An annuity under which the payments end with the final payment preceding death. No pro rata amount is paid to cover the period between that payment and the time of death.