Rate :: The cost of a unit of insurance. Rates are based on historical loss experience for similar risks and may be regulated.

 

Reimbursement :: The payment of the expenses actually incurred as result of an accident or sickness, but not to exceed any amounts specified in the policy.

 

Reinstatement :: The resumption of coverage under a policy which has lapsed.

 

Reinsurance :: Transfer of an insurance (or part of the risk covered) from one insurance company to another for a premium, not necessarily with the knowledge of the policyholder.

 

Renewal :: Continuance of coverage under a policy beyond its original term by the insurer’s acceptance of the premium for a new policy term.

 

Replacement :: The substitution of health insurance coverage from one policy contract to another.

 

Retention :: The net amount of risk retained by an insurance company for its account or that of specified others, and not reinsured.

 

Retro-cession :: The amount of risk that a reinsurance company reinsures; the amount of a cession which the reinsurer passes on. The reinsurance bought by re-insurers to protect their financial stability.

 

Risk :: The chance of loss.

 

Risk Avoidance :: Any action that removes the chance of an adverse outcomes happenings.

 

Risk Control :: Any conscious action intended to reduce the frequency, severity, or predictability of accidental losses.

 

Risk Reduction :: Measure that could reduce the chance of losses occurring of the size of such losses.

 

Risk retention insurance :: Policy of bearing of risk because it would cost more to insure against it than the loss itself.

 

Robbery :: The taking of property from a person by force or threat of violence.