No Claim Discount Sample Clauses
A No Claim Discount clause provides a reduction in insurance premiums for policyholders who have not made any claims during a specified period. Typically, the longer a policyholder goes without filing a claim, the greater the discount they receive on their renewal premium, incentivizing careful behavior and risk avoidance. This clause primarily serves to reward low-risk customers and encourages responsible conduct, while also helping insurers manage and reduce the frequency of claims.
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No Claim Discount. A no claim discount equivalent to 6% of the total Premium paid for the past 1 year policy term will be applied to the renewal Premium, as long as no claims has been made during the past 1 year policy term. We reserve the right to revise the no claim discount at any time by giving you 30 days’ notice.
No Claim Discount. If you do not make a claim under your policy, your renewal premium will be reduced in accordance with our scale and rules applicable at such time.
No Claim Discount. The Company will allow no claim discount of ; 1st Renewal Year – 10% 2nd Renewal Year – 15% 3rd Renewal Year Onwards – 20% on the renewal premium provided that:
(i) such renewal is continuous and the Policy has not been allowed to lapse in any one given year,
(ii) no claim is made under the Policy However in the event of a claim having been made under the Policy, the period of qualification for No Claim Discount commences afresh as from the next renewal date.