Rate
In insurance, a rate is the price per unit of insurance coverage.
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.
Rating
In insurance, rating is the process of evaluating the risk associated with a person, property, or business to determine the appropriate insurance premium.
Reinstatement with Lapse
The process of reactivating an insurance policy that has been terminated due to non-payment of premiums, but with a period of time during which there was no coverage in effect.
Reinstatemetn with No Lapse
Reinstatement with no lapse refers to reactivating a lapsed insurance policy with retroactive coverage.
Replacement Cost
Replacement cost is a method of valuing property in insurance that refers to the cost to replace damaged or destroyed property with new property of similar kind and quality, without deducting for depreciation.
Reserves
In insurance, reserves are funds that an insurance company sets aside to cover future claims and other obligations.
Retroactive Date
The date on or after which a loss must occur in order to be covered by a claims-made insurance policy.
Retrospective Rating Policy — Workers’ Compensation Insurance (USA)
A Retrospective Rating Policy (commonly called a “Retro Policy”) in Workers’ Compensation (WC) insurance is a premium arrangement where the final premium is adjusted after the policy period based on the actual loss experience of the insured during that period.
Rewrite
A policy is rewritten the system when there is a material error in the policy.
Rideshare Insurance
Rideshare insurance refers to specialized auto insurance coverage designed for vehicles used for Transportation Network Companies (TNCs) such as Uber, Lyft, Ola, Grab, Didi, and Bolt. These vehicles frequently shift between personal use and commercial use, creating gaps in traditional auto policies.
Risk Inspection
A risk inspection is a thorough examination of a property or business to identify potential hazards and assess the risk of loss or damage.
Safe-Driver Discount Program (Telematics-Based) — USA
A Safe-Driver Discount Program refers to voluntary telematics-based auto insurance programs used widely across the United States. These programs reward policyholders with premium discounts based on their actual driving behavior, rather than relying solely on traditional rating factors such as age, location, vehicle type, or claims history.
