Category: N

A substance that does not burst into flames when ignited, or one that is not ignited easily.

1. An graphical plot of an equation, whose points do fall on a straight line, but rather a curve. 2. a procedure that does not follow a predetermined sequence.

the term that is given to something that can’t be taken away.

The opposite of linear systems, it refers to the system whose external factors may be disruptive and non-additive. Non linear systems cannot be broken down into smaller parts and then put back together to obtain the initial system. They also do change in a constant proportion with respect to the input. Economic and Social processes are a great example of nonlinear systems as mathematical analysis is futile in its attempts to provide general solutions.

A pension plan that is under the sole ownership of the insured and cannot be lost.

1. A feature of economic and social systems that cannot be broken down into smaller parts and reassembled to obtain the initial system. It is characterized by unpredictability, random behaviour and approximation. They also do not change in a constant proportion with respect to the input. 2. A dynamic and variable relation between variables characterizes this situation. For example, according to diseconomies of sale, the cost of production rises after the optimum output is reached.

A clause in an insurance that allows for a partial or complete receipt of benefit, or a partial refund in the event that the insured ceases payment of the premiums due on a policy, causing a policy lapse. Usually, this clause is only in effect for a certain period of time or comes into effect after a certain period of time has lapsed.

A policy that deems the insured’s statement of healthy sufficient for its issuance.

The policy payments that the insured is entitled to in the event of a cesation of payments. The insured has a choice between the cash surrender value, the paid up surrender value,the extended term insurance value and the loan value. If a choice is not made, the policyholder has no choice but to accept the one that is specified in the insurance contract.

the term that is used for having no use and lacking any usefulness whatsoever.