NASD - The National Association of Securities Dealers, an association of brokers and dealers in the over-the-counter securities business.

Nasdaq - An automated information network that provides brokers and dealers with price quotations on securities traded over-the-counter. Nasdaq is an acronym for National Association of Securities Dealers Automated Quotations.

NAVA Inc - National Association for Variable Annuities.

Negotiable - Refers to a security, the title to which is transferable by delivery.

Net asset value - Usually used in connection with investment companies to mean net asset value per share. An investment company computes its assets daily, or even twice daily, by totaling the market value of all securities owned. All liabilities are deducted, and the balance is divided by the number of shares outstanding. The resulting figure is the net asset value per share.

Net change - The change in the price of a security from the closing price on one day to the closing price the next day on which the stock is traded. The net change is ordinarily the last figure in the newspaper stock price list. The mark +1 1/8 means up $1.125 a share from the last sale on the previous day the stock traded.

New issue - A stock or bond sold by a corporation for the first time. Proceeds may be used to retire outstanding securities of the company, for new plant or equipment, for additional working capital, or to acquire a public ownership interest in the company for private owners.

New York Futures Exchange (NYFE) - A subsidiary of the New York Stock Exchange devoted to the trading of futures products.

New York Stock Exchange (NYSE) - The largest organized securities market in the United States, founded in 1792. The Exchange itself does not buy, sell, own or set the prices of securities traded there. The prices are determined by public supply and demand. The Exchange is a non-profit corporation of 1,366 individual members, governed by a board of directors consisting of 10 public representatives, 10 Exchange members or allied members and a full-time chairman, executive vice chairman and president.

Noncumulative - A type of preferred stock on which unpaid dividends do not accrue. Omitted dividends are, as a rule, gone forever.

Non-cancellable Policies - Insurance policies that cannot be cancelled by the insurance company, except for non-payment of the required insurance premiums. And, the rates can never be changed by the insurance company.

Non-forfeiture Benefits - After a long-term care insurance policy has been in force for a sufficient period of time, your will be entitled to a non-forfeiture benefit if you let the policy lapse. Instead of canceling the policy, the non-forfeiture benefit allows you to keep it in force as a paid-up policy. Non-forfeiture benefits vary from policy-to-policy; they usually include (1) keeping the same benefit amounts, but making the benefit period shorter, or (2) keeping the same benefit period, but with reduced benefit amounts.

Non-Qualified Retirement Plan - A plan that does NOT conform to federal law. As a result, all contributions made into the plan must be made from after-tax monies. However, the contributions will still grow tax-free until retirement or termination of employment. As he or she receives retirement benefits from the plan, ordinary income taxes are paid by the employee only on the portion of each benefit payment that is attributable to the interest earnings. They will owe NO taxes on the portion of each benefit payment attributable to after-tax contributions.

NYSE Composite Index - The composite index covering price movements of all common stocks listed on the New York Stock Exchange. It is based on the close of the market December 31, 1965, as 50 and is weighted according to the number of shares listed for each issue. The index is computed continuously and printed on the ticker tape. Point changes in the index are converted to dollars and cents so as to provide a meaningful measure of changes in the average price of listed stocks. The composite index is supplemented by separate indexes for four industry groups: industrial, transportation, utility and finance.