operating cash flow: Operating income received less disbursements.
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occupational hazards: Factors inherent in the insured person’s occupation that expose him or her to greater-than-normal physical danger.
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nonrenewal clause: Provision in a policy that states the circumstances under which an insurer may elect not to renew someone’s policy.
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nonprofit insurers: Corporations organized under special state laws to provide medical benefits on a not-for-profit basis (for example, Blue Cross Blue Shield and Dental Service Corporations).
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nonparticipating policy: Policy that does not provide for payment of a dividend.
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nonoccupational policy: Policy that covers only non-job-related accidents or sicknesses not covered under any workers’ compensation law.
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nondisabling injury: Any injury that may require medical care but does not result in the loss of working time or income.
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noncontributory plan: Group insurance plan under which the employer does not require employees to share in its cost.
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noncancellable policy: A policy that can be maintained through timely payment of the premiums until the policyholder is at least age 50 or, in the case of a policy issued after age 44, for at least five years from the date of issue. The insurer may not unilaterally change any provision of the in-force policy, including premium rates.
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non-participating policy: A life insurance policy in which the company does not distribute to policyholders any part of its surplus. Note that premiums for non-participating policies are usually lower than for comparable participating policies. Note also that some non-participating policies have both a maximum premium and a current lower premium. The current premium reflects anticipated experience that is more favorable than the company is willing to guarantee, and it may be changed from time to time for the entire block of business to which the policy belongs.
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