Notice of claim (Claim)
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- July 9, 2014
- by Aman Union
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An application by the insured for indemnification of a loss under the policy.
Non-cancellable limits
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- July 9, 2014
- by Aman Union
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Credit limits which remain valid for the duration of the policy period and cannot be canceled by the insurer. Cover, however, may be automatically deactivated on the occurrence of certain defined events, e.g. rating downgrade, overdue payments etc.
Non qualifying loss (Claims threshold, NQL, Threshold)
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- July 9, 2014
- by Aman Union
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The amount below which losses do not qualify for indemnification and are to be kept by the insured for their own account.
Non payment risk
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- July 9, 2014
- by Aman Union
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The risk that a buyer will default on their obligation to pay an invoice.
Non binding indication (NBI, Quotation non-binding, Quote non-binding)
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- July 9, 2014
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An insurer’s written offer of policy terms and conditions, subject to change by the insurer.
Non acceptance of goods
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- July 9, 2014
- by Aman Union
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The refusal or failure of the buyer to take possession of products shipped by the insured.
No claims bonus (No claims credit, Low claims bonus)
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- July 9, 2014
- by Aman Union
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An amount or percentage provided to the insured as a reduction of premium owed, depending on the claims ratio of the policy.
Natural disasters (Acts of God)
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- July 9, 2014
- by Aman Union
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The manifestation of a natural force that is beyond the control of the insured, buyer, guarantor or government. See also: Political risk.