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Net CostThe out-of-pocket amount of owning any specific life insurance policy.

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NomineeNominee is the person who is chosen to get the amount under a policy and to give a suitable discharge to the policy holder on settlement of claim under a life insurance policy.

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Non-cancelable policiesSuch policies remains in effect in spite of whatsoever that may happen and provided that the premium is paid from time to time.

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Non-ContributoryA term applied to employee profit plans under that the employer bears the full cost of the profit for the employees. One hundred percent of the qualified employees should be insured.

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Non-Forfeiture OptionOne of the options obtainable if the policy holders terminated insurance premium payments on a policy with a cash value. This, if any, might be taken in cash, as extensive term insurance or as decreased paid-up insurance.

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Non-Medical Insurance (Non-Med)Life insurance issued based on the insured's report of health without any medical examination.

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Non-Medical LimitThe maximum face value of a policy, which a given insurance company would issue without the candidate taking a medical examination.

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Non-Participating PolicyA life insurance policy in which the company does not dispense to policy holders at any part of its surplus.

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Nonresident AgentAn agent licensed to write insurance policy in a state in which he or she does not live.

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Non-Standard LifeAny individual, who cannot be approved a policy under usual rates of insurance premiums but could be approved with a surplus insurance premium over usual rates of premium, is measured as a Non-Standard Life.

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Non-Tobacco StatusNo cigarette or any tobacco usage based on the insurance company guidelines.

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