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INSURANCE DEFINITIONS
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Rate
The pricing factor upon which an insurance premium is based, it is the cost of a given unit of insurance.

Rate Review
Used in group insurance to describe the review of premium rate at the end of a rate guarantee period.

Rated
Describes coverage issued at a higher rate than standard, usually due to impairment of the insured life.

Redundancy Protection Insurance
Insurance that continues to meet mortgage payments, usually for a limited period, if you are made redundant.

Reinsurance
The practice whereby one insurer transfers part or all of the risk it has accepted to another insurer (the reinsurer).

Renewable Term Insurance
Term insurance providing the right to renew at the end of the term, without evidence of insurability. The premium rates may increase at each renewal as the age of the insured is increasing.

Renewal
An agreement to continue insurance beyond any original term. For group insurance it is often used to refer to the annual update of membership details and production of annual accounts.

Rescission
Termination of an insurance contract by the insurer on the grounds of mis-statement by the insured.

Reserve
The sum set aside by an insurance company as a liability to fulfil future obligations.

Retail Prices Index
An indicator of the inflation rate of prices, taken from an average change of prices for a particular range of consumer goods.

Retention
The amount of risk retained by an insurance company and not reinsured. Also used in reference to the portion of premium that is used by the insurance company for administration costs.

Retrocession
A process by which a reinsurer obtains reinsurance from another company.

Rider
An amendment to an insurance policy that modifies the policy by expanding or restricting its benefits or excluding certain conditions from coverage.

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