Quote
-
A statement by an insurer of the premium he will
require for a particular insurance.
Rate -
The price of insurance, usually expressed as the cost
of a unit of cover, eg £x per £1,000.
Rebate Only
-
Personal pension policy where the only premium
received is the Inland Revenue rebate paid for contracting out
of additional State pension. Also called Fully Contracted Out.
Regular Premium
-
A recurring premium paid over the term of
the policy, at intervals specified in the policy, usually
monthly.
Reinstatement - Making good.
Where insured property is
damaged, it is usual for settlement to be effected through the
payment of a sum of money, but a policy may give either the
insured or insurer the option to restore or rebuild instead.
Reinsurance
- Reinsurance is the cover insurance companies
can purchase to protect themselves against large losses or an
unexpected aggregation of losses.
Renewable Single Premium Policy
-
Policies under which
additional premiums can be paid later to provide increased
benefits; these are at the policyholder’s discretion and are
non-contractual.
Renewable Term
-
A term insurance policy which gives the
policyholder the option to take out a further term policy
without the need for any further evidence of health.
Renewal Notice
-
Notice sent to the policyholder inviting
him/her to renew a policy for a further period and stating the
premium payable.
Replacement-as-New
-
See New-for-Old.
Reserves -
Money put aside by insurers to meet known or
possible future liabilities. They can broadly be divided into
Technical Reserves and Free Reserves.
Revenue Account
-
The financial statement containing the
underwriting results. It usually shows premiums, claims
incurred, commission, expenses and the transfer to/from the
Profit & Loss Account.
Reversionary (or Regular) Bonus
-
Bonus for with-profits
policies, usually added at yearly intervals, during the term of
the policy.
Risk Management -
The identification, measurement and
economic control of risks that threaten the assets and earnings
of a business or other enterprise.
