no claims bonus
Definition
Discount or reduction in insurance premium allowed usually on auto accident policies. It can be as high a 60 percent of the premium, and is rewarded on the basis that there have been no claims (either by the policy holder or by a third party) on the policy in the previous period of cover. No claim bonus is not a 'no-blame' bonus, it is denied irrespective of who was at fault and even if the claim amount is very small.
no claims bonus is in the General, Marine, & Life Insurance subject.
This content can be found on the following page:
http://www.businessdictionary.com/definition/no-claims-bonus.html
email to a friend print this definition cite this definition