Glossary

A name in an insurance context refers to an underwriting member who participates in any syndicate at Lloyd's of London.

A named insured is any person, firm, or organization, or any of its members specifically designated by name as an insured(s) in an insurance policy, as distinguished from others that, although unnamed, fall within the policy definition of an "insured."

A named nonowner policy or endorsement is a personal auto policy (PAP) or an endorsement to a PAP that provides auto liability coverage for an individual who does not own a car but may operate borrowed or rented vehicles.

Named perils coverage is a property insurance term referring to policies that provide coverage only for loss caused by the perils specifically listed as covered. It contrasts with all risks coverage, which applies to loss from all causes not specifically listed as excluded.

A named storm deductible is found in property insurance policies. It is a separate deductible that applies when covered damage is caused by a storm, such as a hurricane or tropical storm, that is officially named by a recognized weather authority, such as the National Weather Service. Unlike a standard deductible, it is often calculated as a percentage of the insured property value as compared to a fixed dollar amount. This deductible applies only when the policy's named storm trigger is met. The policy may specify whether the named storm deductible applies per event, per season, or per calendar year.

The name partner is the principal of the firm whose name appears in the firm's legal name.

Nationalization is the conversion of privately held assets to government ownership and control. Nationalization of a business's overseas property by a foreign government is a loss exposure that can be covered through political risk insurance.

National Association of Insurance Commissioners (NAIC) is a trade association of state insurance commissioners that issues model insurance acts that states can adopt. The NAIC accredits states that have enacted specific insurance legislation and demonstrate adequate regulatory oversight over the insurers they license.

National Association of Registered Agents and Brokers (NARAB) is a federally chartered agency that may come into existence pursuant to the Gramm-Leach-Bliley Act in the event a majority of states (through the NAIC) fail to pass uniform (agent/broker) licensing or reciprocity laws by November 2002.

National Council on Compensation Insurance (NCCI) is an organization that collects workers compensation statistical data (such as premiums, exposure units, and losses), computes advisory workers compensation rating information, develops workers compensation policy forms, and files workers compensation information with regulators on behalf of insurance companies that purchase its services.