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R.C.Book : Registration certificate of vehicle confirming the ownership; indicative of insurable interest on the part of the insurance proposer; verified by the surveyor or insurance company in the event of an accident related to the insured vehicle

R.I.V. Policy : Reinstatement value policy; standard fire and special perils plan including reinstatement clause where building, plant and machinery, or other fixed asset/s are covered for replacement or reinstatement cost allowing the indemnification of the insured in case of loss for the replacement cost or reinstatement with similar property when new as on date basis, indemnity principle is modified some to provide compensation to insured for new in place of old

Ratable proportion of Loss :  Treating claim for loss that is insured under more than single policy; in such instances settlement is made by every insurance provider for only its portion of the loss that is determined on the basis of the sum assured bearing to the proportionate amount to the total of all involved policies

Ram : Related to energy risks, closing and sealing component on blowout preventer

Ram Blowout Preventor : In relation to energy risks, blowout preventer that uses Rams for sealing off pressure on any hole with or without pipe also called ram preventer

Rate Guide : Company prospectus or manual providing rates of premium for different kinds of insurance coverage related to an individual, peril, or property; furnishes rates for all insurance plans excepting ones that are subjected to tariff; it is primarily intended for agents who solicit business and comprise guidelines for business procurement

Rate of Exchange : Price of one currency in relation to that of another

Rate of Gross Profit : Gross profit as a percent of total turnover; related to consequential loss policy, it refers to rate of gross profit earned on the turnover in a financial year preceding the date of the loss appropriately adjusted for business trends

Rate of Premium : Pricing factor on which payable premium for particular kind of insurance cover is based

Rate on GNPI : Related to excess of loss reinsurance is the premium for the excess loss cover expressed as percent of gross profit net premium

Rate on Line : Related to excess of loss reinsurance is the premium for the excess loss cover expressed as percent of the limit of excess of loss coverage for any single loss making event

Rate per Mille : Premium rate calculated for every thousand rupees of sum assured

Repatriation benefits (under overseas mediclaim) : Coverage for medical necessity for evacuating to medical facility, medically equipped flights to return home, or repatriation of mortal remains to the insured's primary residence

Risk  : Possibility of loss also used for referring to insured or property covered with an insurance policy

Risk Management : Procedure to identify, analyze, and either accept or mitigate uncertainty

Rate  : Rate of estimated value of future losses; predicted on historical experiences and considering the involved risks

Rated Policy  : Also known as extra risk policy is a plan issued at higher than the standard rate of premium for covering extra risk where an insured works in hazardous conditions or has an impaired health issue

Reinstatement  : Resumption of the cover under an insurance policy that has lapsed

Replacement Cost : Cost for repairing or replacing property at construction costs prevailing when loss occurs; cost for rebuilding or repairing the property without taken depreciation into consideration

Ratemaking : Statistical procedure whereby the insurance company determines risks and pricing for the basic kinds of insurance plans

Rating Territory : Geographical grouping where hazards tend to equalize and permit the establishment of equitable rate for the territory

Reasonable and Customary Charge : Charge for health insurance coverage that is consistent with the on-going charge or rate in specific geographic location for similar or identical services

Rebating : Providing valuable consideration often all or some part of the commission to the prospect or insured as inducement to purchase or renew; rebating is not allowed by law

Recurring Claim Provision : Provision within health insurance plan that specifies the period of time during which recurrence of condition is considered to be continuation of previous period of disability or hospital confinement

Reduced Paid-up Insurance : Kind of insurance available as non-forfeiture option provides for the continuation of original insurance plan but for a lower amount

Regulation : Supervision of business practices by government entity

Rehabilitation : Restoration of fully disabled individual to meaningful occupation; provision in certain long-term disability plans providing for continuation of benefits or financial assistance while totally disabled insured is restraining or attempting for resumption of productive employment

Reimbursement : Payment of expense actually incurred as a result of an illness or accident but not exceeding an amount specified within the policy

Reinsurance : Assuming all or part of the risk undertaken by one insurance company by another insurance service provider called the reinsurer

Reinsurance Facility : Alternative technique for servicing insured's who cannot obtain insurance in the voluntary market; losses and premiums for business that has been ceded to the facility are pooled and all insurance providers share as per their proportion without considering depreciation

Renewable Term Insurance : Term insurance that is renewable at the end of the term at the option of the holder and without needing evidence of insurability for limited number of successive terms; rates increase at every renewal as age of the assured increases

Renewal : Continuance of the cover under an insurance policy beyond the original term through the acceptance of the premium for new policy form by the insurance company

Renter's Policy : Package insurance plan including coverage that is similar to homeowners policy for covering personal property of renter or tenant in the building

Replacement : Substitution of health insurance cover from one policy contract to another

Replacement ratio : Percent of income prior to retirement that is needed for replacing for maintenance of the same standard of living after retirement

Representation : Statements made by applicants whereby they represent as being substantially true to the best of their knowledge and belief but not warranted as exact in all details

Rescission : Termination of insurance contract by insurance provider on the basis of material misstatement while applying; action of rescission should occur within the contestable period or time limit on certain defenses but comes into effect on the issue date making the contract void since its inception

Reservation of Rights : Arrangement whereby insurer defends a case without any commitment of providing coverage in case the facts disclosed during the trial reveal the occurrence as not being covered

Reserve : Amount representing liabilities kept by an insurer for providing further commitments under the outstanding policies; amount allocated for special purpose; it is not a liability and an extra fund

Residual Disability : Period of partial disability that immediately following a period of complete disability; benefits for residual disability are payable on pro-rata basis and are based on the percent of earning loss

Residual Disability Benefits : Provision in insurance plan providing benefits in proportion to the decrease of earnings due to disability instead of the inability to work full time

Residual Market : System through which insurance is made available for buyers and represents unusually higher risks

Retention : Amount of risk that is retained by the insurance company for its own account or that of specified others but not reinsured

Retrocession : Procedure whereby reinsurer obtains reinsurance from another company

Retrospective Date : First date for which the claims are paid under claims-made policy of liability insurance

Retrospective Rating : Rating procedure that allows adjusting the insured's final rate depending on the insured's own loss of the experience

Revocable Trust : Trust that can be terminated or revoked by the creator/s

Rider : Document that modifies the policy; can increase or reduce the benefits, waive any condition/s or coverage, or in any other way modify the original contract

Right of Survivorship : At the demise of one of the co-owner of the property that person's interest in the property automatically passing to the surviving joint tenant/s

Risk Classification : Process through which company decides how the premium rates for life insurance must differ as per the risk characteristics of the individuals; factors include age, occupation, gender, health conditions etc.; these rules are applied for individual applicants

Risk control : Any conscious action that aims to lower the severity, frequency, or unpredictability of accidental losses

Risk pooling arrangement : Pooling arrangement

Risk Retention Group : Alternative insurance form whereby members of similar profession or business come together for self-insuring the risks

Robbery : Taking of property from an individual through force or threat of violence

Rollover : Transfer of the IRA or any other qualified pension fund from one institution to another

Roth IRA : Special kind of individual retirement account that an individual can contribute post tax; tax-free withdrawals are available after retirement

Run-off company : Insurance provider being wound up or otherwise not underwriting business in any particular segment; thereby letting current insurance plans run to their dates of expiration

Rating Bureau : Organization classifying and promulgating and in certain cases compiling data and measuring hazards of individual risks in relation to rates within given geographical territory

Recovery : Amount recovered from 3rd party/parties responsible for the loss on which the claims have been paid

Rebate : Reduction in the amount of the premium

Replacement Clause : Clause that limits the liability of the underwriter for damage to machinery cargo

Reporting Form : Fire or direct damage cover written under policy covering fluctuating values of merchandise stocks, fixtures and furnitures, and improvements through periodic reports submitted to the insurer by the assured with annual adjustments of the premium on an average value

Retroactive Date : Date on "claims made" liability insurance plan that triggers at the commencement of the coverage; retroactive date is not needed if one is shown on the policy, and claim made during the period of the plan is not covered in case loss occurs prior to this date

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