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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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