Click here to enter our contest! Close Watch a Video of Last Year's Winner
Benson Kearley IFG helps you understand...

The world of insurance can be quite hard to understand. We’re here to provide you with terms you can understand, give you advice and offer our help—all right at your fingertips.

Insurance Glossary

N

NAMED INSURED

The first person in whose name the insurance policy is issued. 

NAMED PERILS

Named perils are the specific dangers a policy insures you against - such as fire, windstorm, and hail in a homeowner's policy, for example. These perils are "named" or listed in the policy.

NEGLIGENCE

Failure to use the degree of care expected from a reasonable and prudent person.

NET ASSET VALUE PER SHARE

The market value of one unit of a mutual fund as quoted daily in the papers. It is calculated as the total assets less liabilities divided by the number of shares outstanding.

NEW BUSINESS

New insurance policy covering a particular risk.

NEW VALUE, REPLACEMENT VALUE

Cash value equivalent to what it would cost to purchase a new item similar to one lost if it were new. In this case the insurer applies no deduction for depreciation.

NO-FAULT INSURANCE

No-fault insurance is designed to speed up claims payments to accident victims and to lower the cost of auto insurance by reducing the number of lawsuits for minor claims. Under no-fault insurance, a person's own insurance company pays for financial losses like medical expenses and lost wages due to an accident, regardless of who caused it. (In a fault system, your expenses won't be paid by the other party's insurance company until he or she has been proved negligent.) In exchange, the right to sue may be restricted in some cases.

NO LOAD FUND

A mutual fund that does not charge an investor a fee for buying or selling.

NUMBER OF UNITS, NUNBER OF APARTMENTS

Number of units in a residential building.

Watch a message from our President...

We are independent insurance agency leaders at the top of our game, with our feet planted firmly in our community. Click on the icon below to watch a video from our President, Stephen Kearley.

Get your FREE quote NOW!

Call us today to get your free quote or start a quote online. Anytime someone calls for or submits a a quote, we donate $10 to Southlake Regional Hospital—supporting healthcare excellence.

Contact us at 1.800.463.6503, Monday-Friday 8:30 a.m. to 5:00 p.m.

Start your HOME or AUTOMOBILE quote today!

Contact Us

For more information, or if you have questions, please give us a call at our toll-free number, at 800.463.6503. We’re open Monday to Friday, 8:30 a.m. to 5:00 p.m.

If you’re contacting us after our scheduled business hours, please contact us here.