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Term |
Definition |
Rating Bureau |
An organization that classifies and promulgates rates and in some cases compiles data and measures hazards of individual risks in term of rates in a given territory. |
Replacement Cost |
The cost of replacing property. |
Rescission |
Canceling an insurance policy due to nondisclosure of a material fact or misrepresentation of a material fact on an insurance application. |
Rider |
An amendment attached to a policy that modifies the conditions of the policy by expanding or decreasing its benefits or excluding certain conditions from coverage. |
Risk |
The chance of loss. Also, a person or thing insured. |
