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GLOSSARY

 GLOSSARY TERMS by Alpha
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Railroad protective liability
Rain insurance
Rate filing
Rating bureau
Re-entry option
Rebate
Redlining
Reduced paid-up Insurance
Reimbursement
Reinstatement
Reinsurance
Rejection
Renewable Term Insurance
Renewable Term Insurance
Renewal
Rent insurance
Rental value insurance
Renters insurance
Replacement
Replacement cost appraisal
Replacement cost insurance
Reporting form
Representation
Reservation of rights
Reserves or reserved losses
Resident agent
Residual markets
Retention
Retroactive date
Revocable beneficiary
Rider
Risk
Risk management
Risk manager
Risk retention group
Risk selection

Rebate

In insurance, a portion of an agent’s commission returned to a customer as an inducement to place the insurance through the agent. This practice is illegal in all but two states as against public policy. Reciprocal exchange - A type of insurance managed by an attorney-in-fact in which members pay premiums, and share in losses equally. Membership is required for insurance.

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