Life Insurance terms starting with R

4 terms

1. Reinstatement The process by which a life insurance company puts a policy back in force after it lapsed because of nonpayment of renewal premiums.
2. 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.
3. Rider A written agreement attached to the policy expanding or limiting the benefits otherwise payable under the policy. Same as an "endorsement."
4. Risk Classifcation (See Underwriting.)