You can redeem your collateral or claim payouts in the following ways:
There is no claim is accepted by expiration, you return your NOCLAIM token back and retrieve your collateral. (note: there is a 10 day delay)
A claim is accepted, you return your CLAIM token back and retrieve your claim payout. (note: the claims process can take up to 10 days)
A claim is accepted but there is a partial payout (see: Partial Payout), you would use a combination of NOCLAIM and CLAIM tokens.
Unwrapping, you use equal amounts of NOCLAIM+CLAIM+FUTURE tokens to retrieve your collateral back (this can only be done prior to an expiration, see: unwrap)