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The cost of a given unit of insurance. Often the price per $100 or $1,000 of insurance . Can also be a percentage.

The unlawful practice of returning a part of a premium to an insured.

Reciprocal Exchange
A form of insurance carrier made up of entities (subscribers) who pool their assets and liabilities under the management of an attorney-in-fact.

In effect, insurance that an insurance company buys for its own protection.  The risk of loss is spread so a disproportionately large loss under a single policy doesn't fall on one company.  Reinsurance enables an insurance company to expand its capacity; stabilize its underwriting results; finance its expanding volume; secure catastrophe a protection against shock losses; withdraw from a line of business or a geographical area within a specified time period.

An instrument which provides evidence of the discharge of a claim or the abandonment of one's right to claim against another.

The continuation of coverage for another period after a policy has expired.

Replacement Cost
The cost to replace a damaged or destroyed item of property, without deducting depreciation. May be the basis of reimbursement for loss to buildings or by endorsement to personal property.

Replacement Cost Endorsement
An endorsement that can be added to an H0-3 form to provide replacement cost coverage on personal property (with limitations).

Replacement Value
The full cost to repair or replace the damaged property with no deduction for depreciation, subject to policy limits and contract provisions.

The restoring of a lapsed policy to full force and effect. The reinstatement may be effective after the cancellation date, creating a lapse of coverage. Some companies require evidence of insurability and payment of past due premiums plus interest.

Reporting Form
A method of collecting premiums for exposures which are difficult to evaluate "before the fact". Instead of paying a flat premium the insured pays a deposit, then submits periodic reports to the insurer showing the status of the factors on which premium is based. From these status reports premiums are calculated and charged against the deposit .

Statements an applicant for insurance believes to be true. Does not carry as much force as warranty.

An amount representing actual or potential liabilities kept by an insurer to cover debts to policyholders.  A reserve is usually treated as a liability.

Residual Market
An organization created by the Legislature to provide Florida residents with crucial or required coverages generally unavailable in the voluntary market .

Retroactive Date
A date stated in the Declarations of a CGL Coverage form which is normally the same date as the date of the issuing company's first claims made policy for the insured. No coverage is provided under the claims made form for bodily injury or property damage that occurs prior to the retroactive date.

Return Premium
The amount due the insured if a policy is cancelled its amount reduced or its rate reduced.

Usually known as an endorsement a rider is an amendment to the policy used to add or delete coverage.

1) Uncertainty as to financial loss. 2) The person or thing insured.

Risk Management
Management of the pure risks to which a company might be subject.  It involves analyzing all exposures to the possibility of loss and determining how to handle these exposures through practices such as avoiding the risk, retaining the risk, reducing the risk, or transferring the risk, usually by insurance.

In Crime insurance the taking or attempted taking of property by one who has caused or threatened to cause bodily harm or committed and witnessed an obviously unlawful act.

Robbery And Safe Burglary Coverage
A Commercial Crime Coverage form that covers loss to property other than money or securities from robbery of a custodian robbery outside the premises and safe burglary.

Running Down Clause
An Ocean Marine clause that provides protection should the ship owner be held liable for the negligent operation of the vessel in damaging another ship.

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