The Law Dictionary

Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

Category: N

NO CLAIMS BONUS

Insurance premium allowed discounted or reduced on auto accident policies. As high as 60 percent of premium. It is awarded on the basis that no claims by the policy holder or by

NO RIGHT

Opposite of having privilege. A right is not exercisable under this condition or state.

NOMINAL ANNUAL RATE

An investment or debt instrument’s stated annual interest rate. Does not include a compounding component and is not adjusted even if the return is paid monthly, semiannually or annually. Also known as

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

NASDAQ OTHER

This system keeps tabs on certain bids and offers not listed on NASDAQ or not quoted.

NATIONAL CARRIER

An air carrier whose annual operating revenue is $100 million to one billion. A US term. Also known as national airline.

NATIONAL SOCIETY OF ACCOUNTANTS (NSA)

small accounting practices and business accountants as members of this specific organization. General accounting, tax, estate planning, and auditing are activities done by this membership.

NATURAL LANGUAGE

Speech and writing as the sounds and symbols used in human communication, like Chinese, English, and Hindi. Contrast with computer programming languages, like Basic, C, and Java.

NECESSARY INFERENCE

If the assumptions or premises are a true basis this specific type of conclusion is logically inevitable or unavoidable.

NEGATIVE DEMAND

Negative image or connotations caused lost consumer loyalty. Consumers avoid products or firms associated with unfair labor policies or harming the environment. Consumers are willing to pay a little more to switch

NEGLIGENCE PER SE

Under legal provisions this type of conduct automatically constitutes negligence.

NEGOTIATING BANK

By purchasing an importer’s or buyer’s draft as a negotiable instrument, the beneficiary’s bank agrees to pay the beneficiary. Part of documentary credit. Also known as accrediting party.

NET ERRORS AND OMISSIONS

Payments accounting balance showing statistical discrepancies. Data collection inaccuracies, such as adding an extra zero in a column that tallies payments due against payments collected.

NET INTEREST MARGIN

Calculated as: (Investment Returns minus Interest Expenses) divided by Average Earning Assets Liabilities.

NET PATIENT REVENUE

Calculated as: inpatient and outpatient revenue services minus expenses. A term in healthcare administration.

NET REALIZABLE VALUE OF ASSET

1. Asset’s selling price minus sale transaction expenses minus expenses for bringing the asset to a saleable state. In the ‘lower of cost or market value’ rule applied to inventory valuation, this

NETWORK OPERATING SYSTEM (NOS)

As a part of an operating system (OS), this is a specific program set that provides security to computers connected to a network, directory services, and file and print services.

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