Quote
In insurance, a quote is an estimate of the premium that an insurance company will charge for a specific insurance policy.
Insurance Glossary
Glossary/Encyclopedia of insurance terms. In addition to the brief description of insurance terms, we have also provided detailed explanation of each term. By selecting ‘More Details’ in each term, you can view the detailed explanation of the term with examples.
Rate Making
Rate making is the process used by insurance companies to determine the price of insurance premiums for different types of risks.
Reciprocal Insurance Exchange
A reciprocal insurance exchange is an unincorporated association of individuals or organizations (called subscribers) who agree to insure each other.
Reinstatement
The process of reactivating a lapsed insurance policy.
Reinsurance
Reinsurance is a type of insurance that insurance companies purchase to protect themselves from catastrophic losses or unexpectedly high numbers of claims.
Reinsurance Broker
A reinsurance broker acts as an intermediary between insurance companies (the ceding companies) and reinsurance companies (the reinsurers).
Reinsurer
An insurance company that provides insurance to other insurance companies, helping them spread risk and reduce their exposure to large losses.
Renewal
Renewal is the process of extending an insurance policy for another term after the current policy period expires.
Retention
In insurance, retention refers to the portion of risk that an individual or business keeps for themselves, rather than transferring it to an insurance company.
Risk
In insurance, risk refers to the uncertainty or possibility of loss or damage.
Speculative Risk
Speculative risk is a type of risk that involves the possibility of both loss and gain.
Staff Underwriter
A staff underwriter is an insurance professional who works within an insurance company’s underwriting department.