Repatriation Benefits - Expenses incurred to travel back to home country following sickness abroad.
Risk - The obligation assumed by the insurer when it issues a policy. The spreading of risk across a broad base of the population, adjusted for statistical probability, and the protection against catastrophic loss, is the entire purpose of insurance. For risk assumption purposes, death is viewed as a contingency. That is, although death is certain, its timing is unknown. The process of evaluating and selecting risk is known as underwriting.
Risk Management - It is the science of identifying evaluating and economic control or risks which affect the assests or earning capacity of an enterprise. It involves minimizing the adverse effect of a possible financial loss by identifying potential sources of loss, measuring the financial consequences of a loss occurring, and using controls to minimize actual losses or their financial consequences.
Rate - The pricing factor upon which the insurance buyer's premium is based.
Reciprocal insurance - Insurance done by insurance company at a reciprocal exchange. That is to say business is given to reinsurer by insurance co. and some business is placed by reinsurer with main insurer on a reciprocal basis.
Reinstatement - The resumption of coverage under a policy which has lapsed. 1. Reinstatement of loss 2. Reinstatement of sum insured following a loss.
Replacement Cost - The cost to repair or replace property at construction costs prevailing at time of loss. It is the cost to repair or rebuild property without any depreciation.
Risk Financing - Measures to finance the losses that do occur. Risk financing may be done by buying insurance or retention, which includes "self insurance".