For nitrates to actually kill a fish, it has to be left open to a high level of nitrates for a long period of time. The actual effect on fish is that the high nitratess lowers the fishes ammune system which then leaves it open to infection and then the potential for death.
Marine fish themselves can live in water that has nitrates up to about 35 - 40ppm and not have a drastic effect on as long as something is done about the level..
Inverts and corals also suffer the same, but due to how sensitive they are, a limit of about 15 - 20ppm is what is suggested as a dangerous level to them.