GLOSSARY OF TERMS

N TERMS

Named Perils Coverage: A property insurance term referring to exact

causes of loss specifically listed as covered

National Flood Insurance Program: A federally funded program

established to make flood insurance available to properties located in

participating communities National Flood Insurance Program: A federally

funded program established to make flood insurance available to

properties located in participating communities

Nonadmitted Insurer: An insurance company that is not licensed to do

business in a specific state. The insurers may write coverage through

an excess and surplus lines broker that is licensed in these

jurisdictions

Nonowned Automobile: In commercial auto policies, coverage for autos

that are used in connection with the named insured's business but are

neither owned, leased, hired, rented or borrowed by the named insured.

The term specifically applies to vehicles owned by employees and used

for company business

Nonsubscription: A Workers' Compensation term used in Texas that

refers to employers who choose to be out of the workers' compensation

system. Firms that are proven negligent in causing a worker's injury,

can be held liable in tort, since nonsubscribing employers waive the

traditional common law defenses available to employers subject to

workers' compensation laws