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R Rate
The price for Rs100 or Rs1,000 of insurance, usually for one year, expressed in rupees and cents. Alternatively, the rate is the premium for a specified amount of insurance, for a specified time.
In addition to policyholder premium rates, the industry commonly uses the term "rate" in reference to reinsurance premium rates, and to commission costs for both insurance and reinsurance.
Receiver
Person appointed to hold in trust and to administer property of insolvent companies.
Refund
A return to the policyholder of part of the paid premium, because of cancellation, suspension, reduction in insurance coverage, or because of rate reduction.
Reinstatement
The reactivation of suspended or cancelled insurance. Restoration of full amount of insurance or reinsurance after a claim has been paid, with or without the payment of additional premium.
Release
A discharge from obligation or responsibility. To let go of, or give up a legal claim. The most common types in insurance are: First Party Release - between the insured and the insurance company. Third Party Release - between the insured and a third party. Indemnifying Release - between the insured and a guardian for a minor or other person not legally competent.
Removal
The standard fire insurance policy insures against damage done in removing the insured property from the path of the fire or other insured peril (if loss is mitigated).
Removal also may mean the taking of property to some place other than that at which it was insured.
Renewal
A certificate which attests to the fact that an insurance policy has been extended for another term.
Renewal Premium
The premium for the new term of the policy.
Repairs
Generally an insurance policy will set out the conditions for an insured to effect repairs to insured property. Ordinary repairs are usually permitted without notice to the insurer.
Replacement
Most policies of insurance of property give the company the right to substitute other property of like kind and quality for insured property which has been damaged or destroyed. This is making a replacement.
Replacement Cost Clause
Applies generally to some fire insurance policies where a special cover may be purchased so that in the event of fire, repairs or replacement will be made with material of like kind without cost to the insured for depreciation or betterment.
Replacement Value
The cash value representing what it would cost to replace the particular article which is the subject of the insurance.
Representation
The acceptance or rejection of an insurance risk and the amount of premium that would be required, is determined by information submitted by the person applying for such insurance.
Statements which would normally lead the company to decline the acceptance of a risk, or to charge a much higher rate, are material to the risk.
All other statements such as the insured's address, etc. are referred to as mere "representations" to distinguish them from the more important statements considered to be "warranties."
The penalty for false information on material facts or "warranties" may be voiding of the policy.
Rider
Another name for an endorsement.
Risk
The chance of loss. Specifically the possible loss or destruction of property or the possible incurring of a liability. Sometimes refers to the subject of an insurance contract.
Robbery
The taking of another's property by force or threat of force.
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