Glossary n

Glossary

A B C D E F G H I J K L M N O P Q R S T U V W
Negligence
Failure to implement the extent of caution that is required by the law.
Nest egg
A significant amount of money that one has set aside for fulfilling long term financial goals such as retirement, buying a house, college education or medical emergencies etc. is known as nest egg.
Net Worth
The total value of assets after deduction of liabilities is known as net worth. Net worth is used to denote the economic position of an individual or a company in order to determineits actual worth.
Networked Hospital
As part of the Cashless Hospitalisation facility offered by some insurers to their policy holders, some hospitals enter into a contract with these insurers to offer cashless care to the policy holders, with the promise that the insurers will settle the bill with them later. These hospitals are called Networked Hospital and are said to be in the Network of that insurer.
Nominee
The person who receives the benefit in case of death of the life assured.
Normal Wear and Tear
The unavoidable physical deterioration of the condition of assets and property as a result of time and usage. Normal wear-and-tear increases over time due to usage as well as weather and other natural forces that surround it.

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