R

Rated Policy – Sometimes called an "extra risk" policy, an insurance policy issued at higher-than-standard premium rate to cover the extra risk where, for example, an insured has impaired health or hazardous occupation.

Reasonable and Customary Charge – A charge for health care, which is consistent with the going rate or charge in a certain geographical area for identical or similar services.

Reimbursement – 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.

Reinstatement – The resumption of coverage under a policy which has lapsed.

Renewal – Continuance of coverage under a policy beyond its original term by the insurer’s acceptance of the premium for a new policy term.

Rescission – Termination of an insurance contract by the insurer on the grounds of material misstatement on the application for insurance. The action of rescission must take place within the contestable period or Time Limit on Certain Defenses but take effect as of the date of issue of the policy, thus voiding the contract from it inception.

Residual Disability – A period of partial disability that immediately follows a period of total disability. Benefits for residual disability are paid on a pro-rata basis, depending on the percentage of earnings loss.

Residual Disability Benefits – A provision in an insurance policy that provides benefits in proportion to a reduction of earnings as a result of disability, as opposed to the inability to work full-time.

Revocable Trust – A trust that can be terminated or revoked by its creator.

Rollover – Transfer of IRA or other qualified pension funds from on financial institution (trustee) to another.

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