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Insurance Glossary R





Renters insurance

Term for insurance for the non-owner occupant of a dwelling or apartment.

Replacement cost

The cost to replace damaged personal property or dwelling property without deducting for depreciation.

Retroactive date

The date that defines the extent of coverage in time under claims-made liability policies. Claims resulting from occurrences prior to the policy’s stated retroactive date are excluded.

Risk management

The process of handling pure risk by way of reduction, elimination, or transfer of risk, with the latter commonly achieved through insurance.

Risk tolerance

Your willingness to take on risk, ranging from zero tolerance (e.g., wanting a zero deductible so that 100 percent of your claim is covered) to 100 percent tolerance (knowingly not insuring a beater car and taking the loss if it's stolen). 


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