Registration Certificate of a vehicle confirming ownership of the vehicle. This document indicates insurable interest on the part of the proposer of insurance. This is verified by the surveyor/insurer in case of a road accident claim pertaining to the insured vehicle.
Reinstatement Value Policy - A standard fire and special perils policy with reinstatement value clause attached where by Building, Plant and machinery or other fixed assets are covered for their reinstatement or replacement cost enabling the insured to be indemnified in the event of loss for the cost of replacing or reinstating with property of same kind or type when new as on the date of loss. The principle of indemnity is slightly modified in the sense that the insured will be compensated for 'new' in the place of 'old'.
Rateable proportion of Loss
The term relates to treatment of a claim for a loss which is insured under more than one policy. In such a situation settlement will be made each insurer for only his share of the loss, which will be that proportion that the sum insured under his policy will bear to the cumulative sum insured under all the policies involved.
In energy risks, the closing and sealing component on a blowout preventer
Ram Blowout Preventer
In energy risks, a blowout preventer that uses rams to seal off pressure on a hole that is with or without pipe. It is also called a ram preventer.
Rate of Exchange
Price of one currency in terms of another.
Rate of Gross Profit
Gross Profit expressed as a percentage of the turnover. In relation to Consequential Loss Policy, refers to the rate of gross profit earned on the turnover during the financial year immediately before the date of loss suitably adjusted to provide for trend of the business.
Rate of Premium
The pricing factor upon which the premium payable for a particular insurance cover will be based
Rate on GNPI
In relation to excess of loss reinsurance, refers to the premium for the excess of loss cover expressed as a percentage of the Gross Net Premium Income. (See "Gross net Premium Income")
Rate on Line
In relation to excess of loss reinsurance, refers to the premium for the excess of loss cover expressed as a percentage of the limit of the excess of loss cover for any one event of loss.
Rate per Mille
Rate of premium calculated per thousand of the Sum Insured
The payment of the expenses actually incurred as a result of an accident or sickness, but not to exceed any amount specified in the policy
(1) A contract of indemnity against liability by which the insurance company procures another insurance to insure against loss or liability by reason of the original insurance; (2) Insurance by one insurance company of all or part of a risk accepted by it with another insurance company which agrees to reimburse the insurance company for the portion of the claim insured.
Continuance of coverage under a policy beyond its original term by the insurer's acceptance of the premium for a new policy term
The notice sent to the policyholder to remind him that an insurance is due for renewal by insurers
The written evidence that a renewal premium has been paid
(Under Overseas Medi-claim Policy) Expenses incurred to travel back to home country following sickness abroad
A clause limiting Underwriter's liability for damage to machinery cargo.
The cash value representing what it would cost to replace the specific property without deduction for depreciation.
Termination of an insurance contract by the insurer on the grounds of material misstatement on the application for insurance
Liability set up for particular purposes
An early form of marine insurance on cargo; similar to bottomry, the equivalent on hulls
Reinstatement, as the amount of coverage after a loss
The act of retaining an exposure to loss: also that part of the exposure that is retained
Date on a "claims made" liability policy which triggers the beginning of insurance coverage. A retroactive date is not required. If one is shown on a policy, any claim made during the policy period will not be covered if the loss occurred before the retroactive date.
An endorsement to an insurance policy that modifies clauses and provisions of the policy, adding or excluding coverage(s).
A fortuity. A term used to designate an insured of a peril insured against. It does not embrace inevitable loss. The term is used to define causes of loss covered by a policy.
The unlawful taking of property by violence or threat of violence
Running Down Clause
Additional coverage, which can be added to, an Ocean Marine Hull policy to provide protection for damage to another ship caused by collision.