N

The person or party designated in the policy as the insured, as opposed to someone who may be covered by the policy, but is not specifically named.

A policy in which the perils insured against are listed, as opposed to one which insures against "all risks."

A disaster caused by the elements such as flood, earthquake, tornado, lightning, etc.

Failure to use the degree of care expected from a reasonable and prudent person.

Materials, no part of which will ignite and bum when subjected to fire.

A contract of insurance is based on utmost good faith. An applicant for insurance is required to disclose to the company all material facts which are necessary to underwrite a policy. If the applicant does not disclose all these facts, he/ she is guilty of non-disclosure and may risk having coverage voided from inception.

A risk for which no insurance can be written. The chance of loss is very high or cannot be accurately measured.

A policy is valued when it promises to pay its face value in case of total destruction, irrespective of the value of the insured property. In other words, the value is agreed upon in advance. Used only for certain classes of property such as fine arts or ocean marine. Ordinary policies do not contain agreement and are therefore "non-valued."

The conditions of the insurance policy require that any person sustaining a loss insured by the policy shall immediately give notice to the company of such loss. Failure to give notice as required has been held to be a bar against recovery. The notice is required to be in writing, and verbal notice to the agent or broker will not be sufficient to comply with the condition.

The conditions of insurance policies stipulate how a policy may be terminated during its term. For example, a policy may be terminated by the insured at any time or by the insurer who must give the insured a certain number of days' notice of termination by registered mail or a certain lesser number of days' written notice of termination personally delivered.

Of no legal or binding force invalid.