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.
