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Rate

Coverage's issued at a higher rate than standard because of some health condition, or impairment of the insured.


Re-entry Option

An option in a renewable term life policy under which the policy owner is guaranteed, at the end of the term, to be able to renew his or her coverage without evidence of insurability, at a premium rate specified in the policy.


Reinstatement

Putting a lapsed policy back in force by producing satisfactory evidence of insurability and paying any past-due premiums required.


Renewable

Term/Annual Renewable Term Term insurance that may be renewed for another term without evidence of insurability. Level term usually turns into renewable term with increasing premiums after the level premium period.


Replacement

A new policy written to take the place of one currently in force.


Representation

Statements made by applicants on their applications for insurance that they represent as being substantially true to the best of their knowledge and belief but that are not warranted as exact in every detail.


Revocable Beneficiary

The beneficiary in a life insurance policy in which the owner reserves
the right to revoke or change the beneficiary. Most policies are written with a revocable
beneficiary.


Rider

An attachment to a policy that modifies its conditions by expanding or restricting benefits or excluding certain conditions from coverage.


Risk

The chance of injury, damage, or loss.

Risk Selection: The method a home office underwriter uses to choose applicants that the insurance company will accept. The underwriter must determine whether risks are standard, substandard or preferred and set the premium rates accordingly.


Rent Coverage

This insurance coverage protects building owners against loss of income when rentals have been interrupted or rental value has been impaired by the occurrence of any of the insured perils.

Essentially this is Business Interruption insurance for the landlord. It assures continuous income while an insured building is untenantable.

 


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