Homeowners Insurance Glossary
NEPIA.
Nuclear Energy Property Insurance Association. (PR)
Named Perils.
Perils specifically covered on property insured. Contrast Named Perils Insurance with All-risks Insurance, which covers all losses not specifically excluded. (PR)
National Crop Insurance Association.
A sister organization to the Crop Hail Insurance Actuarial Association (CHIAA). In 1989 these two organizations were consolidated to become National Crop Insurance Services (NCIS). (PR)
National Crop Insurance Services (NCIS).
A voluntary, nonprofit organization made up of more than 140 member companies that compile research and statistics in order to develop crop insurance rates and forms. (PR)
National Flood Insurance Program (NFIP).
Federal program providing flood insurance for fixed property. Under a "dual" program coverage may be written directly by the NFIP or by private carriers whose losses may be reimbursed by the NFIP. (PR)
New York Standard Fire Policy.
The basic Fire Insurance contract, which was used in nearly every state with only a handful of exceptions. It provided coverage against loss by fire, lightning, and removal, and established policy provisions that became the foundation for property insurance contracts. EC and VMM coverage could be added by endorsement. With the introduction of modern policy forms, the standard fire policy has become obsolete, except in a few states where its use continues to be required by law. (PR)
Nonconcurrency.
The situation that exists when a number of insurance policies intended to cover the same property against the same hazards are not identical as to the extent of coverage. Nonconcurrency usually results in an insured not being fully covered for a loss. Modern forms have minimized the problem of nonconcurrency. (PR)
Noon Clause.
A provision in an insurance contract stating that the insurance coverage starts at noon, standard time, at the location of the insured's property. Most property policies have now been changed so that the effective time is 12:01 a.m., thus the noon clause is not often encountered. (PR)
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