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NAKED CALL

By not owning the underlying asset and having the call's exercise value amount deposited n a cash account the option writer has this specific type of exposed short call trading position. Contrast to covered call. Also known as uncovered call.

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NAKED DEBENTURE

Debt, not covered by any asset, confirmed in writing. A naked debenture example is a signature loan. Also known as uncovered debenture.

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NAKED OPTION

When the seller does not own the cash or asset sold that has to be paid if a contract is exercised.

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NAKED POSITION

A futures market's un-hedged position. Call option writer with the right to buy or put option writer with the right to sell, having no corresponding long position or short position on the underlying asset, is in a naked position. The writer is exposed, unprotected from the price fluctuations that make this risky. Contrast to covered position. Also known as uncovered position.

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NAKED POSSESSION

without any legal right to do so, one's occupying real property or having physically possessing a material object.

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NAKED PUT

When the seller does not have the cash to buy the asset.

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NAKED SHORTING

The illegal short selling of securities that may not exist.

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NAM

In old English law. A distress or seizure of chattels. As a Latin conjunction, for; because. Often used by the old writers in introducing the quotation of a Latin maxim.

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NAMARE

L. Lat. In old records. To take, seize, or distrain.

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NAMATIO

L. Lat. In old English and Scotch law. A distraining or taking of a distress ; an impounding. Spelman.

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NAME

he designation of an individual person, or of a firm or corporation. In law a man cannot have more than one Christian name. Rex v. Newman, 1 Ld. Raytn. 062. As to the history of Christian names and surnames and their use and relative importance in law, see In re Snook, 2 Hilt. (N. Y.) 566.

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NAME POSITION BOND

If an employee working in a position listed in a bond causes loss by fraud, this specific type of fidelity bond will cover the insured.

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NAME SCHEDULE BOND

This specific type of fidelity bond is very much like the name position bond. If an employee working in a position listed in a bond causes loss by dishonesty this specific type of fidelity bond will cover the insured.

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Named Driver Exclusion

A named driver not covered under a car owner’s liability insurance. See Excluded Driver.

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Named Driver Policy

An insurance policy that provides coverage only when the driver of the vehicle is listed as a Named Driver.

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NAMED INSURED

This person's interests are protected under the policy that this insurance contract made specifically for this named individual or firm , typically the policyholder. More than one entity may be a named insured in some situation.

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NAMED NON-OWNER POLICY

A borrowed or rented car, driven by the renter who has this specific type of policy written.

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NAMED PERIL POLICY

Insurance that only pays on the perils listed.

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NAMED PERILS

Covered on an insured property are specific types of losses' potential causes..

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NAMES

Lloyd's insurance underwriting syndicate members who provide risk capital, and share in the syndicate's profit and loss, but do not participate in the underwriting process. In proportion to the invested amount, each 'name' is directly liable to the syndicate's policyholders . Refer to name. Also refer to Lloyd's Of London.

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