BROWN O'HAVER Adjusters For THe Insured

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Insurance Dictionary

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A B C D E F G H I J L M N O P R S T U W

RE INSURANCE - One insurance company gets insurance from another company to protect themselves against catastrophic loss.

RELEASE - This is the form signed by a third party whereby the third party gives up his rights against the insured, resulting from either injury or property damage caused by an insured, in return for payment by the insurance company or the insured.

RENEWAL - The continuation of something that is about to expire. With an insurance policy it will take effect upon the expiration of the old policy.

RENT INSURANCE (RENTAL INCOME) - For loss by the landlord of the rent that would have been payable by the tenant where the tenant is relieved of liability for the payment of rent during a period of untenantability due to property damage by a peril.

RENTAL VALUE INSURANCE - Insurance that provides for the loss of rental value of property when the owner or the tenant is deprived of the use of the property because of its being damaged due to peril that is insured against.

REPLACEMENT COST - The cost to replace property without deduction for depreciation.

REPORTING FORM - This policy covers fluctuating values of stocks of merchandise, furniture and fixtures and improvements and betterment's by means of periodical reports.

REPRESENTATIONS - On an application, these are facts that the applicant represents to be true and accurate to the best of their knowledge and belief.

RESCISSION - The repudiation of a contract for cause.

RES GESTATE - Spontaneous remarks made before witnesses while something is happening or has just occurred. For example, a witness might hear one of the drivers at the scene of an automobile accident admit that he ran a red light.

RES JUDICATA - "The matter has been decided"; or "The court has already ruled on the dispute".

RESERVE - This is a name applied to funds that the insurance company sets aside for the purpose of ultimately settling a claim or loss.

REVIVAL - Similar to reinstatement.

RIDER - This is another name for an endorsement or added wordage to an already written insurance policy. Usually they are printed forms which modify an insurance policy, either adding to or reducing its coverage.

RISK - (1) A chance of loss. (2) A person or thing insured.

RISK MANAGEMENT - The process of dealing with risk in the most efficient manner. This often involves insurance.

ROBBERY - The taking by violence or the threat of violence of the personal property of another, commonly referred to as holdup.

A B C D E F G H I J L M N O P R S T U W

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