Life Insurance Glossary - R

Rate
The pricing factor upon which the insurance buyer's premium is based

Recurring Clause
A provision in some health insurance policies, which specifies an period of time during which the recurrence of a condition is considered a continuation of a prior period of disability or hospital confinement

Reimbursement
The payment of the expenses actually incurred as a result of a accident or sickness, but not to exceed any amount specified in the policy

Reinstatement
The restoration of a lapsed policy

Reinsurance
Insurance placed by an underwriter in another company to cut down the amount of the risk assumed under the original insurance

Renewal
Continuance of coverage under a policy beyond its original term by the insurer's acceptance of the premium for a new policy term

Renewal Notice
The notice sent to the policyholder to remind him that an insurance is due for renewal by insurers

Renewal Receipt
The written evidence that a renewal premium has been paid

Repatriation Expenses
(Under Overseas Mediclaim Policy) Expenses incurred to travel back to home country following sickness abroad

Replacement Cost
The cost to repair or replace property at construction costs prevailing at time of loss; the cost to repair or rebuild property without any depreciation

Representation
Statements made by an applicant in the application that he represents as being substantially true to the best of his or her knowledge and belief, but which are not warranted as exact in every detail

Rescission
Termination of an insurance contract by the insurer on the grounds of material misstatement on the application for insurance

Reserve
Liability set up for particular purposes

Respondentia
An early form of marine insurance on cargo; similar to bottomry, the equivalent on hulls

Restoration
Reinstatement, as the amount of coverage after a loss

Retention
The act of retaining an exposure to loss: also that part of the exposure that is retained

Retrocession
The amount of risk that a reinsurance company reinsures; the amount of a cession which the reinsurer passes on

Retrospective Date
The first date for which claims will be paid under a claims-made policy of liability insurance

Return Premium
An amount due the insured upon cancellation of a policy

Revocable Beneficiary
A beneficiary designation that may be changed by the policy owner without the consent of the existing beneficiary

Rider
Usually known as an endorsement, a rider is an amendment to the policy used to add or delete coverage

Risk
It can be a potential source of loss or the subject matter of insurance itself

Risk Management
A scientific approach to the problem of dealing with the pure risks facing an individual or an organization in which insurance is viewed as simply one of several approaches for dealing with such risks

Robbery
The unlawful taking of property by violence or threat of violence

Running Down Clause
Additional coverage, which can be added to, an Ocean Marine Hull policy to provide protection for damage to another ship caused by collision.

Related Posts:
Life Insurance Glossary - A

Life Insurance Glossary - B

Life Insurance Glossary - C

Life Insurance Glossary - D

Life Insurance Glossary - E

Life Insurance Glossary - F

Life Insurance Glossary - G

Life Insurance Glossary - H

Life Insurance Glossary - I

Life Insurance Glossary - J

Life Insurance Glossary - K

Life Insurance Glossary - L

Life Insurance Glossary - M

Life Insurance Glossary - N

Life Insurance Glossary - O

Life Insurance Glossary - P

Life Insurance Glossary - Q

Life Insurance Glossary - R

Life Insurance Glossary - S

Life Insurance Glossary - T

Life Insurance Glossary - U

Life Insurance Glossary - V

Life Insurance Glossary - W

Life Insurance Glossary - X

Life Insurance Glossary - Y

Life Insurance Glossary - Z