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Rate

The cost of a given unit of insurance. Often the price per $100 or $1,000 of insurance. Can also be a percentage.

Rebate

The unlawful practice of returning a part of a premium to an insured.

Reciprocal Exchange

A form of insurance carrier made up of entities (subscribers) who pool their assets and liabilities under the management of an attorney-in-fact.

Release

An instrument which provides evidence of the discharge of a claim or the abandonment of one's right to claim against another.

Renewal

The continuation of coverage for another period after a policy has expired.

Replacement Cost

The cost to replace a damaged or destroyed item of property, without deducting depreciation. May be the basis of reimbursement for loss to buildings, or by endorsement, to personal property.

Replacement Cost Endorsement

An endorsement that can be added to an HO-3 form to provide replacement cost coverage on personal property (with limitations).

Reporting Form

A method of collecting premiums for exposures which are difficult to evaluate "before the fact." Instead of paying a flat premium, the insured pays a deposit, then submits periodic reports to the insurer, showing the status of the factors on which premium is based. From these status reports, premiums are calculated and charged against the deposit.

Representation

Statements an applicant for insurance believes to be true. Does not carry as much force as warranty.

Residual Market

An organization created by the Legislature to provide Florida residents with crucial or required coverages generally unavailable in the voluntary market.

Retroactive Date

A date stated in the Declarations of a CGL Coverage form which is normally the same date as the date of the issuing company's first claims-made policy for the insured. No coverage is provided under the claims-made form for bodily injury or property damage that occurs prior to the retroactive date.

Return Premium

The amount due the insured if a policy is cancelled, its amount reduced or its rate reduced.

Rider

Another word for endorsement.

Risk

1) Uncertainty as to financial loss.
2) The person or thing insured.

Risk Management

Preserving financial resources against loss through various methods including the purchase of insurance.

Robbery

In Crime insurance, the taking or attempted taking of property by one who has caused or threatened to cause bodily harm or committed and witnessed an obviously unlawful act.

Robbery And Safe Burglary Coverage

A Commercial Crime Coverage form that covers loss to property other than money or securities from robbery of a custodian, robbery outside the premises and safe burglary.

Running Down Clause

An Ocean Marine clause that provides protection should the ship owner be held liable for the negligent operation of the vessel in damaging another ship.