Glossary

Nonprofit directors and officers liability insurance is an errors and omissions (E&O) liability insurance covering the directors and officers of nonprofit organizations.

Nonprofit insurers are insurer companies that do not operate for profit, such as the "Blue plans."

In nonproportional reinsurance, losses excess of the ceding company's retention limit are paid by the reinsurer, up to a maximum limit.

Nonqualified plans are employee benefit plans not subject to the regulations imposed by the Employee Retirement Income Security Act (ERISA) of 1974.

Nonratable elements are a type of charge, especially in workers compensation rating, that is based on a catastrophic type of exposure and is thus excluded from ordinary rate making and is also not subject to experience rating and retrospective rating.

A nonrescission provision refers to a provision sometimes included within liability policies stating that the insurer cannot rescind the policy for any reason.

Nonresident agent is the terminology for an agent who is licensed in a domicile in which they do not reside.

Nonstandard auto insurance provides coverage for drivers with poor driving records, who may have been denied coverage from standard insurers offering standard auto coverage forms.

Nonsubject premium is a premium that is not a part of a loss sensitive rating formula.

A nonsubscriber workers compensation plan is when an employer elects, by filing appropriate notices required by state insurance authorities, to pay work-related injury loss through some method other than statutory workers compensation.