no-claim bonus

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A reward, in the form of a premium discount, given to policyholders if they complete a year or more without making a claim. The system is most commonly used in motor insurance. In every case, the bonus is allowed for remaining claim-free and is not dependent on blame for a particular accident. So, for example, a no-claim bonus is lost if a vehicle is stolen through no fault of the insured.

Subjects: Financial Institutions and Services.

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