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NASDAQ (National Association of Securities Dealers Automatic A computerized information network that provides broker dealers with price quotations on securities traded over-the-counter.  NASDAQ quotes are published in the financial pages of most newspapers.   Quotations


Net Asset Value (NAV)
  
This is the market value of all of the fund’s assets less any liabilities (accrued expenses, etc.) divided by the number of shares outstanding.  The N.A.V. does not tell you much about overall performance since it does not reflect the value of distributed income or capital gains.  


Net premium
  
The actual premium amount credited to a life insurance or annuity certificate. The net premium is equal to the gross premium minus the sales and/or expense charges.  


Net Surrender Value
  
The surrender value minus any certificate debt plus any unearned loan interest.  


No-initial-load funds
  
A no-initial-load fund does not have an up-front charge but does have a contingent deferred sales charge, which is a redemption charge that often declines over time to zero or 1 percent.  No-initial-load funds typically charge a 12b-1 fee that can be utilized to offset sales commissions paid by the fund to its representatives.


No load fund
  
A no-load fund has no up-front charge or redemption charges and is typically marketed directly to the consumer.  A no-load fund may impose a 12b-1 fee of up to 0.25 percent.  


Nonforfeiture option
  
A provision in a life insurance certificate that determines the benefits to be provided upon termination of a certificate when a fixed premium is not paid prior to the expiration of the grace period. The usual options are:

Reduced Paid-Up Insurance

Extended Term Insurance

Cash  


Nonparticipating certificate

A life insurance certificate with fixed costs and guaranteed values. Some nonparticipating certificates credit excess interest.


Nonqualified plan
  
A plan into which the premiums paid are not deductible for tax purposes.  


Nonrenewable term
  
A form of term life insurance where the certificate owner does not have the option to renew the certificate beyond its first renewal period.  


NYSE (New York Stock Exchange)
  
The oldest and largest stock exchange in the United States – also known as the “Big Board” and “The Exchange.”  The exchange is a not-for-profit corporation consisting of 1,366 individual members.  It is governed by a board of directors that is made up of 10 public representatives, 10 exchange members and a full-time paid chairman and president.   The NYSE does not buy, sell, own or set the prices of securities traded there.  The NYSE has operating divisions that are concerned with market operations, member firm regulation and surveillance, finance and office services, product development and planning, and customer relations.  The NYSE imposes requirements on corporations who wish to have their securities listed on the exchange.


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