Glossary

Nonconcurrency is the condition created by two or more policies covering the same loss exposure that do not have identical inception and expiration dates.

Nonconcurrency of coverage triggers occurs when the coverage trigger in a primary policy differs from that of an excess or umbrella policy.

Noncontributing (noncontributory) insurance is issued on the basis that it will not seek contribution from other insurance policies that apply to a covered loss on the same basis (e.g., primary).

Noncontributory insurance refers to a plan of insurance for which the employer pays the entire premium and the employee does not contribute to premium payment.

Noncontrolled foreign corporation is a company that is owned in such a way that its financial results are not consolidated with any of its shareholders, and the shareholders are not allocated any portion of the company's income for tax purposes.

Noncorrelated risks are loss exposures that result from different, unrelated perils and hazards.

A nonderivative suit is a lawsuit alleging that the acts of directors and officers of a corporation caused damage to the individual(s) bringing the suit.

In an employment practices context, a nondisclosure agreement is a legal agreement between an employer and an employee that prohibits an employee from publicizing confidential and valuable information pertaining to the employer.

A nondisparagement clause is a type of clause frequently used in employment agreements (i.e., as part of a severance package), which requires that employees or former employees do not "disparage" their employer upon severing a working relationship.

Nonduplication of benefits is a provision in a health insurance or disability policy designed to eliminate the possibility of an insured receiving benefits greater than the economic loss suffered.