A-B-C-D-E-F-G-H-I-J-K-L-M-N-O-P-Q-R-S-T-U-V-W-X-Y-Z

Rated Policy:
Sometimes called an "extra-risk" policy, an insurance policy issued at a higher-than-standard premium rate to cover the extra risk where, for example, an insured has impaired health or a hazardous occupation. 

RBC:
Risk-based capital (NAIC formula)

Real Estate Settlement Procedures Act of Congress (RESPA): Among other things, RESPA prohibits paying for a real estate-related settlement transaction such as mortgage insurance. A number of products offered by individual companies in the industry on a defensive basis, such as GSE pool insurance, lender captive reinsurance, and contract underwriting have been cited as possibly in violation of RESPA because they have often been priced so low that they could be considered payment for mortgage insurance. 

Reasonable and Customary Charge:
Amounts charged by health care providers that are consistent with charges from similar providers for identical or similar services in a given locale.

Recurring Claim Provision:
A provision in some health insurance policies that specifies a length of time during which the recurrence of a condition is considered to be a continuation of a previous period of disability or hospital confinement.

Reduced Paid-up Insurance:
A form of insurance available as a non-forfeiture option. It provides for continuation of the original insurance plan but for a reduced amount.

Rehabilitation:
Process and goal of restoring disabled persons to maximum physical, mental, and vocational independence and productivity (commensurate with their limitations). Rehabilitation is achieved by identifying and developing residual capabilities, job modification, or retraining. A "rehabilitation provision" appears in some long-term disability policies; this provides for continuation of benefits or other financial assistance during the rehabilitation period.

Reinstatement:
The restoration of a lapsed policy to full force and effect. The company requires evidence of insurability and payment of past due premiums plus interest.

Reinsurance:
Acceptance by one insurer (the reinsurer) of all or part of the risk or loss underwritten by another insurer (the ceding insurer).

Reinsurance Utilization:
The ratio of reinsurance ceded to gross premiums written.

Reinsurer:
An insurance company that assumes risk initially assumed by another insurer.

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.  The premium rates increase at each renewal as the age of the insured increases.

Renewal:
Continuance of coverage beyond original terms signified by acceptance of a premium payment for a new term.

Replacement vs. Actual Cash Value:
The actual cash value of an item can be depressingly small after only a brief period of ownership. And, if your homeowner's coverage entitles you to only the actual cash value of any damaged property, you could be out of luck when you go to replace the property with only your claim check as payment. Replacement-cost coverage permits you to claim the cost of replacing an insured item. Its most important use is on your home and, secondly, the personal property in your home.

Reserve:
The amount required to be carried as a liability in the financial statement of an insurer to provide for future commitments under policies outstanding.

Residual Disability Benefits:
A provision that provides benefits in proportion to a reduction of earnings as a result of disability, as opposed to the inability to work fulltime.

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

Risk:
The probable amount of loss foreseen by an insurer in issuing a contract.  The term sometimes applies to the person insured or to the hazard insured against.

Risk Classification:
The process by which a company decides how its premium rates for life insurance should differ according to the risk characteristics of individuals insured (for example, age, occupation, sex, state of health) and then applies the resulting rules to individual applications. (See underwriting.)

Risk-Based Pricing:
The setting of premiums based on the perceived credit quality of a borrower as well as the LTV of the mortgage. Currently the industry prices risk almost exclusively by LTV. Risk-based pricing represents a matching of premium to risk, which is superior to current practice. However, there is resistance to it because its full implementation would result in considerably lower premiums for the better risks and considerably higher premiums for lower-quality borrowers; this development could significantly reduce the size of the conforming market.

RPVA:
Repetitive premium variable annuities