No Claims Bonus (No Claims Credit, Low Claims Bonus, Reverse Claims Bonus)
An amount or percentage provided to the Insured as a reduction of premium owed, depending on the claims ratio of the policy.
Credit limits which remain valid for the duration of the policy period and cannot be cancelled by the Insurer. Cover, however, may be automatically deactivated on the occurrence of certain defined events, e.g. rating downgrade, overdue payments.
Non Qualifying Loss (NQL, Claims Threshold, Threshold)
The amount below which losses do not qualify for indemnification and are to be kept by the Insured for their own account.
Non-Acceptance of Goods
The refusal or failure of the buyer to take possession of products shipped by the insured.
The Funder, typically an Invoice Discounter or Factor, credit insure the Clients debts and there is then no call on the client to bear the full loss. Where this facility is in place it conflicts with credit insurance as there can be no double indemnity.