Insurance Glossary

Showing 24 of 42 matching terms

Terms beginning with R

Rate

General insurance

A pricing amount or factor an insurer applies when calculating a premium for a particular risk.

Also called: insurance rate

Rate filing

General insurance

A filing insurers submit to regulators containing proposed rates, rating rules, or supporting information where required.

Rating territory

General insurance

A geographic area used in insurance rating because loss experience or exposure differs by location.

Receivership

Claims

A court-supervised process in which a regulator or receiver manages a financially troubled insurer.

Also called: insurance receivership

Reduced paid-up insurance

Life insurance

A nonforfeiture option using a policy’s cash value to buy a smaller amount of permanent insurance with no further premiums due.

Also called: RPU insurance

Referral

Health insurance

Authorization or direction from a primary care provider to see another provider under certain health plans.

Also called: specialist referral

Referral requirement

Health insurance

A plan rule requiring a member to obtain a referral before certain specialty care is covered.

Rehabilitation proceeding

Claims

A regulator-supervised effort to restore a financially troubled insurer rather than immediately liquidate it.

Rehabilitation services

Health insurance

Services that help a person regain or improve skills and functioning after illness, injury, or disability.

Also called: rehab services

Reinstatement provision

Life insurance

A policy provision allowing a lapsed life policy to be restored if stated conditions, evidence, and payments are satisfied.

Reinsurance

Business insurance

Insurance that an insurer buys from another insurer to help manage its own risk.

Reinsurance intermediary

General insurance

A broker or manager that arranges or administers reinsurance between insurers and reinsurers.

Reinsurance recoverable

General insurance

An amount an insurer expects to collect from a reinsurer for ceded losses or other amounts under a reinsurance agreement.

Reinsurance treaty

General insurance

A standing reinsurance contract applying to a defined class or portfolio of the insurer’s risks.

Release of claims

Claims

An agreement in which a claimant gives up specified legal claims, often in exchange for settlement payment.

Remittance advice remark code

Health insurance

A standardized code that gives additional detail about how a health claim was processed or adjusted.

Also called: RARC

Renewable term life insurance

Life insurance

Term life coverage that may be renewed at the end of a term without a new medical exam, usually at a higher age-based premium.

Renewal

General insurance

Continuation or replacement of insurance coverage for a new policy period when the current term ends.

Also called: policy renewal

Rental property insurance

Home insurance

Insurance for property rented to others that may cover the building, landlord liability, and certain rental-income losses.

Also called: landlord policy

Rental reimbursement coverage

Auto insurance

Optional auto coverage that may pay a limited amount for temporary transportation while a covered vehicle is being repaired.

Also called: rental car coverage

Renters insurance

Home insurance

Insurance for a tenant’s belongings, liability, and additional living expenses after covered losses; it generally does not insure the building itself.

Also called: tenant insurance

Replacement cost

Home insurance

The cost to repair or replace covered property with similar property without subtracting depreciation, subject to policy terms.

Also called: RCV

Actual cash value vs. replacement cost

Reputational harm coverage

Business insurance

Coverage that may fund defined crisis-management or public-relations costs after a covered event harms an insured’s reputation.

Rescission

General insurance

Retroactive cancellation that treats a policy as though it had not taken effect, when permitted by law and the policy circumstances.

Also called: policy rescission