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GLOSSARY
Rate - the actuarially concluded unit of cost that is applied against the rating basis from which a policy premium is developed.
Reimbursement contract - pays only amount of loss, up to policy limit (Medical Expense policies).
Renewable - insurance which can, at the election of the policy owner, be renewed at the end of a specified term without evidence of insurability.
Renewal - the act or process of maintaining insurance in force by issuing a new policy to replace an expiring policy or the issuance of certificates or endorsements extending the term of an expiring policy.
Reserve - an amount representing actual or potential liabilities kept by an insurer in a separate account to cover debts to policyholders.
Rider - any supplemental agreement attached to and made a part of the policy, whether the policy's conditions are expanded and additional coverage added, or a coverage or condition is waived.
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