The Law Dictionary

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

Category: N

NOTICE AVERMENT OF

the term that is a statement in a pleading recognising that notice has been given.

NOTICE CONSTRUCTIVE

a term that applies to the inferred or the implied notice that can’t be contradicted legally.

NOTICE PERSONAL

The name given to a notice that is given personally, either in writing or spoken directly to the person involved in the legal matter.

NAVAL LAW

the term used for the regulations and the rules that govern the people who are in the navy.

NOMINAL RATE OF INTEREST

1. Bank deposits: The stated rate of interest on deposits that is expressed in terms of current dollar, which does not take the effects of inflation and compounding into effect. It is

NON ASSET

Assets such as the interest on a bank deposit, that are only recorded only upon the realization of the earnings.

NONADMITTED REINSURANCE

The non credited reinsurance on the ceding company’s annual statemenet due to the reinsurer lacking the proper license to conduct business in a certain location.

NON-CASH EXPENSE

Expenses such as amortization and depreciation that do not involve cash transactions, yet show up on an income statement.

NON-CONTRIBUTORY PENSION PLAN

Fringe benefits to the employee wherein he is not required to contribute and all related retirement plan costs are borne by the government and/or employer.

NON-DISABLING INJURY RIDER

The non coverage of disability of the rider by income policies. However, it grants for the payment of medical costs that arise due to a less severe injury that does not results

NONEXEMPT EMPLOYEES

Workers who are not exempt from a rule or policy. With respect to wage and hour laws, employees who are nonexempt are to follow workplace regulations and are eligible for overtime pay

NON-OCCUPATIONAL POLICY

Injuries that are sustained at work are not insured under this policy due to their coverage under the workers compensation.

NON-PRODUCT ADVANTAGE

Advantage gained by a product over its competition not by virtue of its attributes but by the creation of a distinct brand image through exclusive promotions, widespread distribution, superior customer service, etc

NONRECOURSE DEBT

In the event that a borrower defaults, this type of loan limits the lender’s power to take possession of the borrower’s property.

NON-STANDARD ADDERS

Transaction specific cost elements that increase the cost estimates on a casebycase basis.

NORM

1. A non stated set of guidelines which specify normal behaviour is a social context. Social control and order are prevalent due to the pressure exterted on an individual to coform to

NOT IN CONTRACT (NIC)

An item that is mentioned in the contract only for reference purposes and as such has no bearing or relation to the contract.

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