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INSURANCE DEFINITIONS
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National Insurance
A form of taxation which you pay as you earn, used to fund certain state benefits.

National Insurance Contributions
An additional form of "tax" paid by most employers, employees and self-employed people. The money collected is (broadly) used to pay for social security benefits. Class 1 Contributions are paid by employers and by employees with earnings above the lower limit. Class 2 Contributions are paid by the self-employed at a weekly flat rate. Class 3 Contributions are voluntary and are paid by those who do not earn enough to require Class 1 or Class 2 contributions to be made. Class 4 Contributions are paid by the self-employed.

New-For-Old
Insurance cover for property or equipment where an item lost or destroyed is replaced by the equivalent new item without deduction for age or wear and tear of the old item and regardless of price inflation.

Non-Cancellable
A contract that the insured has the right to continue in force so longs as premiums are paid. The insurer cannot make changes to or revoke the insurance during this time.

Non-contributory
A term applied to employee benefit plans or insurance schemes when the employer pays the full cost and the employee is not asked to contribute.

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