| Named-perils policy | claim is paid if the listed peril in the policy is the cause of loss. |
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| NAV | The net asest value is the actual value of a share/unit on any business day. |
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| Needs approach | In life insurance planning, the family needs are analyzed in the event of death of the breadwinner and fixing suitable limits for life insurance. |
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| Negligence | Failure to exercise standard care required by law to protect others from harm. |
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| Net Asset Value (NAV) | The value or purchase price of a share of stock in a mutual fund. |
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| No-fault insurance | An injured person collects insurance benefits from his insurer and he is not required to sue the negligence of a third party. |
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| Nomination | In life insurance policy treated as an asset, the policyholder executes nomination in favour of, say, wife to receive the policy moneys on behalf of all class I legal heirs in the event of death claim |
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| NOMINEE | A person who may become eligible to receive or who is receiving the contractual benefits stated in a life insurance policy. |
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| Non forfeiture low | Refer incontestable clause. |
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| Non-insurance transfer | Pure risk is transferred without taking insurance policy. For instance, lease agreement. |
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| NON-PARTICIPATING POLICY | A policy which does not provide for the policy owner to participate in the profits of divisible surplus of the company. |
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| Normal Retirement Age | The earliest age at which a participant in a pension plan can retire and receive the plan's specified benefit in full. Usually age 65. |
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| NRI | Non-resident Indian |
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