RE/MAX Advantage Realty

Real Estate Glossary Terms

• Concealment

  Intention to withhold or secrete information. If an insured withholds information on a material fact, about which the insurance company has no knowledge, the company has grounds to void the contract. For example, the insured neglects to tell the company that, within a week of the policy issue date, ...

• Employers Nonownership Liability Insurance

  Coverage for the employer in the event of a tort committed by an employee in the use of his or her own car while conducting business on behalf of the employer. ...

• Nonconcurrent Apportionment Rules

  Standards used to determine claims payments in cases of overlapping property/liability insurance coverage. At one time, each type of insurance had its own rules to govern claims where more than one policy provided coverage. In 1963, several property/casualty industry groups agreed on a set of princi ...

• Nonqualified Plan

  Employee benefit plan that does not have the federal tax advantages of a qualified pension plan, in which employers receive a federal tax deduction for contributions paid into the plan on behalf of their employees. For an employer, not having a tax deduction can be a serious disadvantage, but a nonq ...

• Security Valuation

  Rules used by state regulators to value securities on the books of insurance companies. Bonds with acceptable credit quality are carried at amortized value, which is the face value plus or minus the amount of any purchase discount or premium, as amortized over the life of the bond. Preferred stock i ...