NIC meaning in Insurance ?

Answer:

What is National Insurance Contributions mean?

National Insurance (NI) is a fundamental component of the welfare state in the United Kingdom. It acts as a form of social security, since payment of NI contributions establishes entitlement to certain state benefits for workers and their families.

Introduced by the National Insurance Act 1911 and expanded by the Labour government in 1948, the system has been subjected to numerous amendments in succeeding years. Initially, it was a contributory form of insurance against illness and unemployment, and eventually provided retirement pensions and other benefits.

Currently, workers pay contributions from the age of 16 years, until the age they become eligible for the State pension. Contributions are due from employed persons earning at or above a threshold called the Lower Earnings Limit, the value of which is reviewed each year. Self-employed persons contribute partly through a fixed weekly or monthly payment, and partly on a percentage of net profits above a threshold which is reviewed periodically. Individuals may also make voluntary contributions to fill a gap in their contributions record and thus protect their entitlement to benefits.

Contributions are collected by HM Revenue and Customs (HMRC). In respect of employees, this is done through the PAYE (Pay As You Earn) system along with Income Tax, repayments of Student Loans and any Apprenticeship Levy which the employer is liable to pay. National Insurance contributions form a significant proportion of the UK Government's revenue.

The benefit component includes several contributory benefits, availability and amount of which is determined by the claimant's contribution record and circumstances. Weekly income and some lump-sum benefits are provided for participants upon death, retirement, unemployment, maternity and disability. In order to obtain the benefits which are related to the contributions, a National Insurance number is necessary.

reference

Full Form	Category
Nebraska Innovation Campus	Academic & Science
North Idaho College's	Academic & Science
National Ice Center	Academic & Science
National Insurance Contribution	Accounts and Finance
Nicosia	Airport Code
Nagoya International Center	Associations & Organizations
Neat Idea Cubes	Business
Novell Information Centre	Business
New Industrial Center	Business
Not In the Contract	Business
National Insurance Company	Business
Pure Nickel, Incorporated	Business
National Investment Center	Business
National Investment Capital	Business
Nippon Instruments Corporation	Business
National Interpreter Certification	Business
National Insurance Commission	Business
Newly Industrialized Country	Business
Nipsco Capital Markets, Inc.	Business
New Imaging Concept	Business
Natural Insect Control	Business
National Institute Coordinator	Community
Neurofeedback Interchange Conference	Community
Nics Information Club	Community
National Immunization Conference	Community
Networked Improvement Community	Community
Networked Improvement Communities	Community
Network Interface Card	Computer and Networking
National Institute of Computing	Computing
Neutral Information Compiler	Computing
Non-Invader Companion	Computing
New Internet Computer	Computing
Network Integration Center	Computing
No Internet Connection	Computing
Nicaragua	Country ISO Code
North Island College	Educational Institute
North Idaho College	Educational Institute
Noise Isolation Class	Electronics
Northern Illinois Cooperave	General
Nationwide Internships Consortium	General
Non interference cooling	General
Number In a Can	General
Network Internal Card	General
Not In Condition	General
Network Interface Controllers	General
National Informatics Center	General
Nikon Imaging Center	General
National Information Consortium	General
Neuroelectrics Instrument Controller	General
Neutral Inductance Circuit	General
National Interoperability Collaborative	General
New In Chess	General
New International Catalog	General
Network Information Centers	General
National Information Centre	General
Newly Industrialized Combo	General
A Network Interface Cable	General
Not In Control	General
Non Interesting Content	General
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Neat Ideas Cube	General
Net Ingredient Cost	General
Noobs In Control	General
A Not In Condition	General
Network Interaction Card	General
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National Information Center	General
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Net Interest Cost	General
North Idaho Cheri	General
Negative Impedance Converter	General
Northern Italy Chapter	General
Network Intelligence Card	General
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Nissan Intelligent Choice	General
National Interstate Council	Governmental
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National Identity Card	Governmental
National Independence Council	Governmental
National Intelligence Council	Governmental
National Influenza Center	Governmental
National Integration Council	Governmental
National Institute of Corrections	Governmental
Name Information Center	Governmental
National Industrial Classification	Governmental
Neonatal Intensive Care	Healthcare
Network Interface Controller	Information Technology
National Insurance Contributions	Insurance
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Network Internet Card	Internet
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Nursing Interventions Classifications	Medical
National Isolation Centre	Medical
Nickname	Messaging
Not In Contract	Messaging
Naval Intelligence Center	Military and Defence
National Intelligence Community	Military and Defence
National Informatics Centre	Ministry of Communications and Information Technology
Network Initial Configuration	Networking
Network Information Center	Networking
National Investigating Committee	Regional
Natal Indian Congress	Regional
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