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RATE |
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The price of Rs. 1000 of insurance, usually for one year. Expressed in rupees and paise or in percent. |
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REAL PROPERTY |
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Some policies provide that the payment of a loss reduces the amount of insurance by the amount paid. When the amount of insurance is restored by endorsement or other agreement, the policy is said to have been reinstated. Most fire policies contain an automatic reinstatement clause. |
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REINSTATEMENT |
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Some policies provide that the payment of a loss reduces the amount of insurance by the amount paid. When the amount of insurance is restored by endorsement or other agreement, the policy is said to have been reinstated. Most fire policies contain an automatic reinstatement clause. |
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REINSURANCE |
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The process whereby a company may share its risk with another paying to such sharing company a portion of the premium it receives. Done in many ways. Reinsurance contracts pay only the company that reinsures, not the policyholder. |
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RENEWAL CERTIFICATE |
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It is the practice in many cases to issue a short form certificate instead of writing a whole new policy to replace an expiring one. This form is the renewal certificate and contains merely references to the original policy rather than its complete terms. |
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RENTAL VALUE INSURANCE (LOP) |
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If you own a building and rent it to another, a fire or other insured happening may make it impossible to collect rent from your tenant until the building has been replaced or repaired. Insurance against such loss is “rent' insurance, and is one of the “time element” covers. |
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RENT INSURANCE (FLOP) |
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If you own a building and rent it to another, a fire or other insured happening may make it impossible to collect rent from your tenant until the building has been replaced or repaired. Insurance against such loss is “rent' insurance, and is one of the “time element” covers. |
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REPLACEMENT |
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Most policies of insurance of property give the company the right to substitute other property of like kind and quality for insured property which has been damaged or destroyed. This is making a replacement. |
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REPLACEMENT INSURANCE |
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Insurance which pays the sound value of damages or destroyed property without deduction for depreciation. |
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RESERVE |
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A sum set aside to meet some future obligation.
See “Loss Reserve”. |
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RISK |
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The chance of loss. Specifically, the possible loss or destruction of property or the possible incurring of a liability. Sometimes refers to the subject of an insurance contract when talking of a “good risk” or a “poor risk”. |
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