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No-Claim-Discount (NCD)
A reward scheme for the policyholder if no claim was made against the policy during the preceding 12 months of policy. Different NCD rates are applicable for different classes of vehicles. For a private car, the scale of NCD ranges from 25% to 55% as provided in the policy.
Nomination
The act of naming someone as the nominee of a life or personal accident policy.
Nominee
A person or persons named in a life or personal accident policy to receive the benefits under the policy.
Non-participating policy
A type of life insurance policy or annuity for which the policyholder does not receive dividends or bonus.