Reinstatement
The process of reactivating a lapsed 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.
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.
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.
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.
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.
Retroactive Date
The date on or after which a loss must occur in order to be covered by a claims-made insurance policy.
Retrocession
Retrocession is a process in the reinsurance industry where a reinsurer transfers some of its assumed risks to another reinsurer.