::Glossary (N)::

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No Claims Bonus The percentage by which the premium rate is reduced if the Insured does not make a claim during that policy period.

Non-Binding Indication An indication of terms on which the Insurer may be willing to issue a policy but without prejudice on the part of the Insurer.

Non-Qualifying Loss A level of loss below which there is no claim under the policy. Operates like a Threshold.