Terms starting with R

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...