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Glossary of Terms - N

Named Perils Coverage

Insurance contract under which covered perils are listed and benefits for a covered loss are paid to the policyholder.

Negative Amortization

Financing arrangement in which monthly payments may be less than the true amortized amounts and the loan balance may increase, rather than decreases, over the term of the loan. The interest shortage can be added back to unpaid principal or can be added back to the loan and payable at maturity.

No-Fault Insurance

Auto insurance laws in some states that require insurance companies to cover their policyholders' losses in the event of an accident, regardless of who caused the accident.

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