Jargon explained - N

  • Definition
    Non-disclosure is where a proposer fails to give information when they apply for their insurance.

    Explanation
    Used when talking about applications for insurance.

  • Definition
    A medical condition, symptom or treatment that a member had when they applied for their medical insurance, and that they failed to tell their insurer about when asked to.

    Explanation
    Used when talking about claims for medical insurance.

    Non-declaration will affect the cover that an insurer is able to provide to the member if the member ever needs to make a claim.

  • Definition
    A premium discount applied at new business and renewal if no claims have been paid out.

    Explanation
    Used when talking about insurance premiums.

    Also called a No Claims Bonus (NCB).

  • Definition
    A premium discount applied at new business and renewal if no claims have been paid out.

    Explanation
    Used when talking about insurance premiums.

    Also called a No Claims Discount (NCD).

    No claims bonuses have two key effects:

    No claims bonuses have been common in motor insurance for many years. They are now becoming more common in other insurances too.