Homeowners Insurance terms starting with R

9 terms

1. Real property A dwelling or home is often referred to as real property.
2. Refund An amount paid back because of an overpayment or because of the return of an item previously sold.
3. Reinstatement The process by which a life insurance company puts a policy back in force after it lapsed because of nonpayment of renewal premiums.
4. Renewal A form of extending an unpaid loan in which the borrower's remaining unpaid loan balance is carried over (renewed) into a new loan at the beginning of the…
5. Renters insurance A form of insurance that covers a policyholder’s belongings against perils. It also provides personal liability coverage and additional living expenses.
6. Replacement Cost Pays the dollar amount needed to replace the structure or damaged personal property without deducting for depreciation but limited by the policy’s…
7. Residual market Insurers, such as assigned risk plans and the Texas FAIR Plan, that exist to provide coverage for those who cannot get it in the standard market.
8. Return premium The premium returned to an insured for canceling or amending a policy.
9. Rider A written agreement attached to the policy expanding or limiting the benefits otherwise payable under the policy. Same as an "endorsement."