Call Us 978-223-4037
Fax Us 978-656-6389 ☰ ˟
Logo
Our Carriers
Our Carriers
Call Us: 978-223-4037
Fax Us: 978-656-6389
  • Home
  • Get a Quote
    • AutomobileImage of right arrow
      • Automobile Insurance Home
      • Auto Insurance Quote
    • HomeownersImage of right arrow
      • Homeowners Insurance Home
      • Homeowners Insurance Quote
    • RentersImage of right arrow
      • Renters Insurance Home
      • Renters Insurance Quote
    • MotorcycleImage of right arrow
      • Motorcycle Insurance Home
      • Motorcycle Insurance Quote
    • BondsImage of right arrow
      • Bonds Home
      • Bond Request Form
    • Recreational VehicleImage of right arrow
      • Recreational Vehicle Insurance Home
      • Recreational Vehicle Insurance Quote
    • Workers CompensationImage of right arrow
      • Workers Compensation Insurance Home
      • Workers Compensation Quote Form
    • Rental Property InsuranceImage of right arrow
      • Rental Property Insurance Insurance Home
      • Rental Property Quote Form
    • Condominium
    • Condo Association InsuranceImage of right arrow
      • Condo Association Insurance Insurance Home
      • Condo Association Quote Form
    • ConstructionImage of right arrow
      • Construction Insurance Home
      • Construction Quote Form
    • General Liability InsuranceImage of right arrow
      • General Liability Insurance Insurance Home
      • General Liability Quote Form
    • Watercraft & BoatImage of right arrow
      • Watercraft & Boat Insurance Home
      • Watercraft Insurance Quote
  • Resources
    • Refer a Friend
    • Important Links
    • Insurance Glossary
    • Blog
  • About Us
    • About Us
    • Location Map
    • Testimonials
    • Privacy Policy
  • Contact Us
Auto Icon

Auto

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Home Icon

Home

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Business Icon

Business

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Workers Compensation Icon

Workers
Compensation

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Condo Associations Icon

Condo
Associations

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
RV & Boat Icon

RV & Boat

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Home > Glossary > N

Insurance Glossary

Insurance terms and definitions from Nicholas A. Consoles Insurance Agency, Inc.


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 Nicholas A. Consoles Insurance Agency, Inc. 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

Contact Us Today!
978-223-4037


By checking this box, you agree to receive text messages from Nicholas A. Consoles Insurance. Message and data rates may apply. Message frequency varies. Reply STOP if you would like to unsubscribe or stop receiving text messages.

Social

Resources

  • Our Products
  • About Us
  • Refer A Friend
  • Our Carriers
  • Blog
  • Contact Us

Contact Us

200 Lake Street, Unit 201B | Peabody, MA 01960
Ph: 978-223-4037 | Fx: 978-656-6389 | anthony@consolesinsurance.com
© Copyright. All rights reserved. | Powered by Insurance Website Builder