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NAMED INSURED - An individual or organization that owns and applies for an insurance policy, pays the premium, and is responsible for policy compliance.

NAMED PERILS - A policy issued particularly listing the perils insured against. Compare in the direction of special risks.

NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS (NAIC) - The NAIC’s Model Acts suggest or require that states become accredited. This can often be the cause of concern to captive owners.

NONCONTROLLED FORE - An Owned company whose financial results are not consolidated with any of its shareholders, nor are the shareholders allocated any portion of the company’s income for tax purposes. Income tax deferral is created if the NCFC is located in a jurisdiction that does not have an income tax. In other words no tax is due until such time as income is repatriated to its owners.