Call Us 440-899-2700 ☰ ˟
Logo
Call Us 440-899-2700
  • Our Agency
    • About Us
    • Our Providers
    • Contact UsImage of right arrow
      • The McCallum Insurance Agency
    • Our Team
    • Our Location
  • Products
    • Coverage for Specific IndustriesImage of right arrow
      • Accounting Firm Insurance
      • Alarm Contractors Insurance
      • Construction Insurance
      • Consulting Firm Insurance
      • Specialty Trade Contractors Insurance
      • Craft Brewery Insurance
      • Financial Institution Insurance
      • Healthcare Practice Insurance
      • Law Firm Insurance
      • Maintenance Contractors Insurance
      • Manufacturing Insurance
      • Media & Advertising Insurance
      • Orthotics & Prosthetics Insurance
      • Pool & Spa Insurance
      • Printers & Publishers Insurance
      • Real Estate Businesses Insurance
      • Retail Insurance
      • Scrap Metal Insurance
      • Security Guards Insurance
      • Self-Storage Insurance
      • Septic Contractors Insurance
      • Specialized Truck Equipment Insurance
      • Technology Services Insurance
      • Tow Trucks Insurance
    • Coverage for Your BusinessImage of right arrow
      • Leave Management
      • Loss Control Insurance
      • Marine Insurance
      • Business Owners Policy (BOP)
      • Commercial Auto Insurance
      • Commercial General Liability
      • Commercial Property Insurance
      • Commercial Umbrella Insurance
      • Crime Insurance
      • Inland Marine Insurance
      • Professional Liability
      • Bonds
      • Fidelity Bonds
      • Surety Bonds
    • Coverage for Your EmployeesImage of right arrow
      • Small Business Retirement Plans
      • Employer-Sponsored Retirement
      • Group Benefits
      • Group Disability Insurance
      • Voluntary Benefits
      • Retiree Health Coverage
      • Group Health Insurance
      • Disability Insurance
      • Individual Life Insurance
    • Farm InsuranceImage of right arrow
      • Farm Owners Insurance
      • Farm Livestock Insurance
      • Equine Insurance
      • Farm Equipment Insurance
      • Farm Dwelling Insurance
      • Farm Structures Insurance
      • Farm Auto Insurance
      • Farm Umbrella Insurance
      • Farm Liability Insurance
    • Auto InsuranceImage of right arrow
      • Uninsured & Underinsured Motorist Coverage
      • Minor Violation Forgiveness
      • Classic Car
      • Rental Reimbursement
      • Medical Payments Coverage
    • Annuities
    • Home InsuranceImage of right arrow
      • Mortgage Protection
      • Homeowners Liability
      • Scheduled Property Insurance
      • Landlords Insurance
    • Life InsuranceImage of right arrow
      • Individual Life
      • Group Life
      • Long Term Care
      • Second-To-Die Industry
      • Medical Payments Coverage
    • Powersports Vehicle InsuranceImage of right arrow
      • ATV Insurance
      • Boat Insurance
      • Motorcycle Insurance
      • Snowmobile Insurance
    • Other Personal Insurance
  • Get A Quote
    • Annuities Quote FormsImage of right arrow
      • Annuity Quote Form
    • Auto Insurance Quote FormsImage of right arrow
      • Auto Insurance Quote
    • Business & Commercial Insurance Quote FormsImage of right arrow
      • Business Owners (BOP) Quote Form
    • Homeowners Insurance Quote FormsImage of right arrow
      • Homeowners Insurance Quote
    • Life Insurance Quote FormsImage of right arrow
      • Life Insurance Quote
    • Recreational Vehicle Insurance Quote FormsImage of right arrow
      • Recreational Vehicle Quote form
  • Resources
    • Refer a friend
    • Insurance Glossary
  • Contact
    • Contact
    • Location Map
    • Contact Us
Home > Glossary > N

Insurance Glossary

Insurance terms and definitions from McCallum Agency .


Coverages and benefits listed below may not be available in your state. If available, some optional coverages and benefits might be offered at an additional charge. Contact McCallum Agency today to learn more.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
NAMED PERIL
Peril specifically mentioned as covered in an insurance policy.

NATIONAL FLOOD INSURANCE PROGRAM
Federal government-sponsored program under which flood insurance is sold to homeowners and businesses.

NO-FAULT
Auto insurance coverage that pays for each driver’s own injuries, regardless of who caused the accident. No-fault varies from state to state. It also refers to an auto liability insurance system that restricts lawsuits to serious cases. Such policies are designed to promote faster reimbursement and to reduce litigation. This coverage is not available in all states, check with us to find out more.

NO-FAULT MEDICAL
A type of accident coverage in homeowners policies.

NO-PAY, NO-PLAY
The idea that people who don’t buy coverage should not receive benefits. Prohibits uninsured drivers from collecting damages from insured drivers. In most states with this law, uninsured drivers may not sue for noneconomic damages such as pain and suffering. In other states, uninsured drivers are required to pay the equivalent of a large deductible ($10,000) before they can sue for property damages and another large deductible before they can sue for bodily harm.

NON-ADMITTED ASSETS
Assets that are not included on the balance sheet of an insurance company, including furniture, fixtures, past-due accounts receivable, and agents’ debt balances

NON-ADMITTED INSURER
Insurers licensed in some states, but not others. States where an insurer is not licensed call that insurer non-admitted. They sell coverage that is unavailable from licensed insurers within the state.

NOTICE OF LOSS
A written notice required by insurance companies immediately after an accident or other loss. Part of the standard provisions defining a policyholder's responsibilities after a loss.

NUCLEAR INSURANCE
Covers operators of nuclear reactors and other facilities for liability and property damage in the case of a nuclear accident and involves both private insurers and the federal government.

NURSING HOME INSURANCE
A form of long-term care policy that covers a policyholder’s stay in a nursing facility.


NOTICE: These glossary definitions provide a brief description of the terms and phrases used within the insurance industry. These definitions are not applicable in all states or for all insurance and financial products. This is not an insurance contract. Other terms, conditions and exclusions apply. Please read your official policy for full details about coverages. These definitions do not alter or modify the terms of any insurance contract. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control. Additionally, this informational resource is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company, agent or agency. If you have questions about your insurance, you should contact your insurance agent, the insurance company, or the language of the insurance policy.

Insurance Websites Designed and Hosted by Insurance Website Builder
Glossary content provided by Insurance Information Institute and ITC

Carrier
Carrier
Carrier
Carrier
Carrier
Home| Get A Quote| Resources| Blog| About Us| Contact
27570 Detroit Ave | Westlake, OH 44145
P: 440-899-2700 | F: 440-899-7755
Social Social
Logo

Powered by Insurance Website Builder