That part of net written premium which relates to the expired portion of the policy term.
Net Premium Written
Total premiums written by an insurer after deducting reinsurance premiums and refunded premiums.
Net Profit
Profits after deduction of all expenses, the amount of which may be classified as net before or after tax.
Net Worth
Amount of money remaining after all assets have been liquidated and all liabilities cleared.
New For Old
In marine insurance, a term referring to the practice of applying a depreciation discount to new parts or equipment that are used to replace old ones that have been lost or damaged.
Newly Acquired Automobile
A newly acquired automobile is automatically insured when it
(a) replaces an automobile described on the policy. (b) is in addition to others owned by the insured and which are all insured by the same insurer. (Not applicable in British Columbia).
Newly Acquired Location
Equipment and stock at any acquired location that is owned, rented or controlled by the insured in whole or in part or on vehicles within 100 meters of such location. This limit of insurance attaches at the time of the acquisition and extends for a period of 30 days or to the endorsement of this form adding such location whichever first occurs.
Next Of Kin
Those who are most nearly related to the decedent by blood. May include other persons who bear no relation of kinship at all, e.g., relationship existing by reason of marriage.
No Fault
A type of automobile insurance in which each person’s own insurance company pays for injury or damage up to a certain limit regardless of whether its insured was actually at fault.