Terms starting with R
Reservation of rights, in the realm of commercial insurance, refers to a legal notice provided by an insurance company to an insured party when there is uncertainty or potential coverage...
Retroactive insurance is a type of insurance policy that provides coverage for incidents that occurred before the policy's inception date. It offers protection for liabilities that may have occurred in...
Retroactive date, in insurance terminology, is the specific date mentioned in an insurance policy that marks the beginning of the coverage period for the policy. A retroactive date is often...
Rebating, in the realm of commercial insurance, refers to the practice of offering an individual or entity a financial incentive, such as a rebate or refund, in exchange for purchasing...
A risk purchasing group is a group of individuals or businesses with similar risk profiles who come together to purchase liability insurance coverage. These groups are formed under the federal...
Riggers liability insurance is a type of insurance policy that provides coverage for professionals who are involved in the moving and lifting of heavy equipment, machinery, or other materials. The...
Risk sharing, a fundamental concept in insurance and risk management, refers to the practice of distributing or transferring the financial impact of potential losses among various parties. The definition of...
A renewal policy, a crucial aspect of insurance management, refers to the continuation of an existing insurance policy for a subsequent policy term. The definition of a renewal policy encompasses...
Return premium, a term commonly used in the insurance industry, refers to the amount of money refunded to a policyholder when certain conditions result in the policyholder overpaying for insurance...
Retrocession, a specialized practice within the reinsurance industry, involves the transfer of risk from one reinsurer to another. The definition of retrocession encompasses the process where a reinsurer, seeking to...
Reinstatement insurance refers to restoring a policy or coverage that has lapsed or been canceled, often by paying a reinstatement fee or making up missed payments. The purpose of reinstatement...
Risk reduction refers to identifying and implementing measures to reduce the chances of damage from a particular activity or situation. This can involve identifying potential hazards, implementing safety measures, and...
A rated policy is a term that may refer to an insurance policy in which the premium is based on the insured party's actual risk profile. This type of policy...