Insurance terms starting with R

16 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. Regular Program The final phase of a community's participation in the National Flood Insurance Program.
  4. Reinstatement The process by which a life insurance company puts a policy back in force after it lapsed because of nonpayment of renewal premiums.
  5. Renewable Term Insurance Term insurance providing the right to renew at the end of the term for another term or terms, without evidence of insurability.
  6. 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…
  7. Rental Reimbursement Coverage This coverage pays - up to a defined amount - your expenses to rent a vehicle if you have a loss covered under comprehensive or collision benefits.
  8. Rental Reimbursement/Transportation Expenses An optional policy benefit that pays the rental fee (usually $15 to $20 per day) if you must rent a vehicle for a reasonable time while your vehicle is…
  9. Renters insurance A form of insurance that covers a policyholder’s belongings against perils. It also provides personal liability coverage and additional living expenses.
  10. 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…
  11. Replacement Cost Value (RCV) The cost to replace property with the same kind of material and construction without deduction for depreciation.
  12. Residential Condominium Building Association Policy (RCBAP) Policy issued to insure a residential condominium building and all units within the building, provided that the building is located in a Regular Program…
  13. 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.
  14. Return premium The premium returned to an insured for canceling or amending a policy.
  15. Rider A written agreement attached to the policy expanding or limiting the benefits otherwise payable under the policy. Same as an "endorsement."
  16. Risk Classifcation (See Underwriting.)