Insurance Glossary
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
N
- Named driver
- A driver has been named on an insurance policy but who is not the owner of the vehicle.
- New for old (motor)
- Rather than pay the market value of a new car involved in a total loss, some insurers will replace it with an identical new car. If it is a brand new vehicle the market value of this vehicle will have depreciated so much in the first year, that it would leave the policy holder unable to replace the car.
- New for old (property or possessions)
- This means that in the event of a claim, the Client is paid the money needed to buy the items in the shops at today's prices, regardless of the age or original purchase price of the item.
- No claims bonus
- A no claims bonus (or NCB) is the discount that you have earned on a previous insurance policy for not making a claim. These discounts are determined by the number of years that you have not made a claim for.
- Non-fault claim
- This is a claim whereby the insurance company is able to recover all the costs from another party.
|
|
