Reference guide
Insurance Glossary
Plain-language definitions of common insurance terms across policies, coverage, and claims. Check your policy or plan documents for the terms that apply to you.
Find an insurance term
Showing 18 of 42 matching terms
Terms beginning with R
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Reservation of rights
Claims - A notice that an insurer is investigating or handling a claim while preserving the ability to deny some or all coverage.
- Also called: rights reservation letter
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Reservation of rights letter
Claims - Notice that an insurer will investigate or defend a claim while reserving the right to deny coverage later.
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Residual market
General insurance - Insurance mechanisms established to provide coverage to eligible applicants unable to obtain it in the voluntary market.
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Retroactive date
Business insurance - The earliest date an incident may occur and still potentially qualify under a claims-made policy.
- Also called: prior acts date
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Retrocession
General insurance - Reinsurance purchased by a reinsurer to transfer part of the risk it has assumed to another reinsurer.
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Revocable beneficiary
Life insurance - A beneficiary the policy owner can generally change without that beneficiary’s consent.
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Rider
Life insurance - An optional provision that changes or adds benefits to a life insurance policy.
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Risk
General insurance - The possibility of a loss or the factors an insurer considers when evaluating that possibility.
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Risk-based capital
General insurance - A regulatory capital measure that adjusts required capital for an insurer’s risks, such as underwriting, investment, and credit risk.
- Also called: RBC
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Risk appetite
General insurance - The amount and types of risk an organization is willing to accept in pursuing its objectives.
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Risk control
Business insurance - Practices used to identify, reduce, or manage conditions that could lead to insured losses.
- Also called: loss control
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Risk retention
General insurance - The portion of risk an insurer or insured keeps rather than transferring to another party.
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Risk retention group
Business insurance - A liability insurance company owned by members of a similar business or professional group to insure shared risks.
- Also called: RRG
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Roadside assistance
Auto insurance - Optional service coverage that may help with towing, jump-starts, lockouts, flat tires, or fuel delivery.
- Also called: towing and labor coverage
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Roadside assistance endorsement
Auto insurance - Optional auto coverage for defined emergency services such as towing, battery service, tire changes, or lockout help.
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Rollover annuity
Life insurance - An annuity funded by assets moved from an eligible retirement plan or individual retirement arrangement.
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Roof actual cash value endorsement
Home insurance - An endorsement that settles qualifying roof losses using depreciated value rather than full replacement cost.
- Also called: roof ACV endorsement