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No claim bonus |
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No claim bonusA bonus which is awarded to a policy holder when no claims have been made on an insurance policy during the period of insurance, usually one year. The bonus is subsequently applied to reduce the renewal premium. The motor insurance business uses this approach extensively and companies will usually increase no claim bonuses annually up to a maximum, typically 60%, after four or five years. This method of rewarding policy holders with no claims is sometimes used in household insurance.Similar MatchesQuitclaim DeedQuitclaim DeedA deed operating as a release, intended to pass any title, interest, or claim which the grantor may have in the property, but not containing any warranty of a valid interest or title in the grantor. ClaimClaimA demand by the insured for a benefit to be paid by the insurers under the conditions of the policy. Nonmarketed claimsNonmarketed claimsClaims that cannot be easily bought and sold in the financial markets, such as those of the government and litigants in lawsuits. Direct ClaimDirect ClaimA financial claim issued by a deficit unit to acquire funds for investment in real assets. Insurance claimInsurance claimA claim for reimbursement from the insurance company when the insured has suffered a loss that is covered under an insurance policy. Further SuggestionsContractual ClaimResidual claim Contingent claim Claimant Indirect Claim Marketed claims |
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