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Ben Hur Virginia Auto InsuranceHelpful links and resources for finding a auto insurance in Ben Hur, Virginia. Ben Hur, Virginia Legal Directory; We're here to help you find insurance in Ben Hur, Virginia. |
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Insurance Information
Immediate Annuity
An annuity that commences benefit payments immediately after a specified interval (one month or one year). This type of annuity is nearly always purchased with a single premium.
Imputed Negligence
Case in which responsibility for damage can be transferred from the negligent party to another person, such as an employer.
Incurred Claims
Incurred claims equal the claims paid during the policy year plus the claim reserves as of the end of the policy year, minus the corresponding reserves as of the beginning of the policy year. The difference between the year end and beginning of the year claim reserves is called the increase in reserves and may be added directly to the paid claims to produce the incurred claims.
Indemnification
Compensation to the victim of a loss, in whole or in part, by payment, repair, or replacement.
Indemnity
Legal principle that specifies an insured should not collect more than the actual cash value of a loss but should be restored to approximately the same financial position as existed before the loss.
Independent Adjuster
Claims adjuster who offers his or her services to insurance companies and is compensated by a fee.
Independent Agent
An independent contractor who sells insurance usually on behalf of more than one insurance company under the independent agency system. Independent agents operate their own business, own the records of the policies sold through them, and are compensated by commissions or fee.
Indirect Loss
Property loss from a peril that is not the immediate cause of loss; an indirect loss (e.g. a business interruption loss, extra expense, lost rent, etc.) arising out of an insured's inability to use property damaged by another peril.
Inheritance tax
A tax based on an estate's value at the time of the owner's death. A federal unified tax is assessed on the combined value of the estate and qualifying gifts so that estate taxes cannot be avoided by gifts in anticipation of death.
Insolvent
Having insufficient financial resources (assets) to meet financial obligations (liabilities).
Inspection
In property and casualty insurance, the insurer retains the right to make inspections and surveys relating to the insurability of the risk and the premiums charged. The insurer also reserves the right for inspection of property for which a loss arises and claim presented.
Installments
When a policy is placed on a payment plan, multiple equal installments due in the future are created.
Insurability
The risk-associated qualities of a person or entity that meet an insurer's underwriting standards and therefore make the insurer willing to offer coverage at a standard premium.
Insurable Interest
The person who stands to lose financially in the event of a loss. For example, loss to an automobile, home, or contents.
Insurable Risk
A risk that meets the following criteria:
1. The insured loss must have a definite time and place;
2. The insured event must be accidental;
3. The insured must have an insurable interest in the subject of coverage;
4. The insured risks must belong to a sufficiently large group of homogeneous exposure units to make losses predictable;
5. The risk must not be subject to a catastrophic loss where a large number of exposure units can be damaged or destroyed in a single event;
6. The coverage must be provided at a reasonable cost;
7. The chance of loss must be calculable.
Insurance
A system under which individuals, businesses, and other organizations or entities, in exchange for payment of a sum of money (a premium), are guaranteed compensation for losses resulting from certain perils under specified conditions.
Insurance Adjuster
An insurance company employee who is responsible for settling or adjusting claims.
Insurance Commissioner
The senior official in a state's department of insurance or other insurance regulatory agency.
Insurance Company
An organization chartered to operate as an insurer.
Insurance Examiner
The insurance department representative assigned to audit the books or the market conduct of an insurance company.
Insurance Exchange
An insurance marketplace or organization patterned after Lloyd's of London, formed during the 1980s in New York City, Miami, Florida, and Chicago, Illinois. Exchanges were formed to write large or unique risks, generally on a surplus lines basis, and to write reinsurance business. Both the New York and Florida exchanges have suspended operations.
Insurance Guaranty Funds
Plans established and administered individually at the state level which assess solvent insurers in order to settle the unpaid claims of a insolvent company and to return unearned premiums to its policyholders. Insurers each pay a proportional share of the losses based on their premium volume in the state. Frequently funds are set up in such a way as to have immediate access to assets of the insolvent insurer (rather than waiting until liquidation proceedings are completed). In many states, funds are given priority before general creditors to obtain assets of insolvent insurers. In some states, solvent insurers are permitted tax offsets against money paid into guarantee funds.
Insurance Services Offices
Members: Rating bureaus, actuarial associations and other insurance research groups. Objectives: Provides statistical and actuarial information, policy forms and related services to insurers. Functions as an insurance advisory organization and statistical agent. Publishes rate manuals, plans, policy forms and endorsements and other materials.
Insured
The person whose insurable interest is protected under an insurance policy; the one to whom or at whose direction an insurer reimburses losses, pays benefits, or provides services. The term is generally preferred to policyholder.
Insured Loss Ratio
The ratio that a reinsurer's percentage of losses incurred bears to premiums earned.
Insured Vehicle
A vehicle which is covered by an insurance policy or any vehicle which meets the definition of a covered auto according to the language of the insurance policy.
Insurer
The party to the insurance contract who promises to pay losses or benefits. Also, any corporation engaged primarily in the business of furnishing insurance to the public.
Insuring Agreement
That part of an insurance contract that states the promises of the insurer.
Insuring Clause
The clause which sets forth the type of loss being covered by the policy and the parties to the insurance contract.
Interest
The price for the use of money, expressed as a percentage of the amount borrowed; the charge paid by a borrower to a lender
Inter vivos Trust
An ordinary trust established by a person while living to manage and distribute assets to other living persons. (Inter vivos is Latin for "between the living.")
Intestate
Dying without having made a legal will; a person who has died without leaving a will
Investment Income
An insurance company's earnings from its investment portfolio, including interest, dividends, capital gains, and rent.
Immediate Annuity
An annuity that commences benefit payments immediately after a specified interval (one month or one year). This type of annuity is nearly always purchased with a single premium.
Imputed Negligence
Case in which responsibility for damage can be transferred from the negligent party to another person, such as an employer.
Incurred Claims
Incurred claims equal the claims paid during the policy year plus the claim reserves as of the end of the policy year, minus the corresponding reserves as of the beginning of the policy year. The difference between the year end and beginning of the year claim reserves is called the increase in reserves and may be added directly to the paid claims to produce the incurred claims.
Indemnification
Compensation to the victim of a loss, in whole or in part, by payment, repair, or replacement.
Indemnity
Legal principle that specifies an insured should not collect more than the actual cash value of a loss but should be restored to approximately the same financial position as existed before the loss.
Independent Adjuster
Claims adjuster who offers his or her services to insurance companies and is compensated by a fee.
Independent Agent
An independent contractor who sells insurance usually on behalf of more than one insurance company under the independent agency system. Independent agents operate their own business, own the records of the policies sold through them, and are compensated by commissions or fee.
Indirect Loss
Property loss from a peril that is not the immediate cause of loss; an indirect loss (e.g. a business interruption loss, extra expense, lost rent, etc.) arising out of an insured's inability to use property damaged by another peril.
Inheritance tax
A tax based on an estate's value at the time of the owner's death. A federal unified tax is assessed on the combined value of the estate and qualifying gifts so that estate taxes cannot be avoided by gifts in anticipation of death.
Insolvent
Having insufficient financial resources (assets) to meet financial obligations (liabilities).
Inspection
In property and casualty insurance, the insurer retains the right to make inspections and surveys relating to the insurability of the risk and the premiums charged. The insurer also reserves the right for inspection of property for which a loss arises and claim presented.
Installments
When a policy is placed on a payment plan, multiple equal installments due in the future are created.
Insurability
The risk-associated qualities of a person or entity that meet an insurer's underwriting standards and therefore make the insurer willing to offer coverage at a standard premium.
Insurable Interest
The person who stands to lose financially in the event of a loss. For example, loss to an automobile, home, or contents.
Insurable Risk
A risk that meets the following criteria:
1. The insured loss must have a definite time and place;
2. The insured event must be accidental;
3. The insured must have an insurable interest in the subject of coverage;
4. The insured risks must belong to a sufficiently large group of homogeneous exposure units to make losses predictable;
5. The risk must not be subject to a catastrophic loss where a large number of exposure units can be damaged or destroyed in a single event;
6. The coverage must be provided at a reasonable cost;
7. The chance of loss must be calculable.
Insurance
A system under which individuals, businesses, and other organizations or entities, in exchange for payment of a sum of money (a premium), are guaranteed compensation for losses resulting from certain perils under specified conditions.
Insurance Adjuster
An insurance company employee who is responsible for settling or adjusting claims.
Insurance Commissioner
The senior official in a state's department of insurance or other insurance regulatory agency.
Insurance Company
An organization chartered to operate as an insurer.
Insurance Examiner
The insurance department representative assigned to audit the books or the market conduct of an insurance company.
Insurance Exchange
An insurance marketplace or organization patterned after Lloyd's of London, formed during the 1980s in New York City, Miami, Florida, and Chicago, Illinois. Exchanges were formed to write large or unique risks, generally on a surplus lines basis, and to write reinsurance business. Both the New York and Florida exchanges have suspended operations.
Insurance Guaranty Funds
Plans established and administered individually at the state level which assess solvent insurers in order to settle the unpaid claims of a insolvent company and to return unearned premiums to its policyholders. Insurers each pay a proportional share of the losses based on their premium volume in the state. Frequently funds are set up in such a way as to have immediate access to assets of the insolvent insurer (rather than waiting until liquidation proceedings are completed). In many states, funds are given priority before general creditors to obtain assets of insolvent insurers. In some states, solvent insurers are permitted tax offsets against money paid into guarantee funds.
Insurance Services Offices
Members: Rating bureaus, actuarial associations and other insurance research groups. Objectives: Provides statistical and actuarial information, policy forms and related services to insurers. Functions as an insurance advisory organization and statistical agent. Publishes rate manuals, plans, policy forms and endorsements and other materials.
Insured
The person whose insurable interest is protected under an insurance policy; the one to whom or at whose direction an insurer reimburses losses, pays benefits, or provides services. The term is generally preferred to policyholder.
Insured Loss Ratio
The ratio that a reinsurer's percentage of losses incurred bears to premiums earned.
Insured Vehicle
A vehicle which is covered by an insurance policy or any vehicle which meets the definition of a covered auto according to the language of the insurance policy.
Insurer
The party to the insurance contract who promises to pay losses or benefits. Also, any corporation engaged primarily in the business of furnishing insurance to the public.
Insuring Agreement
That part of an insurance contract that states the promises of the insurer.
Insuring Clause
The clause which sets forth the type of loss being covered by the policy and the parties to the insurance contract.
Interest
The price for the use of money, expressed as a percentage of the amount borrowed; the charge paid by a borrower to a lender
Inter vivos Trust
An ordinary trust established by a person while living to manage and distribute assets to other living persons. (Inter vivos is Latin for "between the living.")
Intestate
Dying without having made a legal will; a person who has died without leaving a will
Investment Income
An insurance company's earnings from its investment portfolio, including interest, dividends, capital gains, and rent.
Insurance Information
Absolute Liability
Liability for damages even though fault or negligence cannot be proven. (Liability without fault.)
Accident
An event or occurrence which is unforeseen and unintended. A sudden unexpected event, identifiable in time and place.
Accidental Bodily Injury
Injury to the body as the result of an accident.
Accidental Death and Dismemberment
A benefit purchased through an endorsement which covers loss due to bodily injury caused solely through accidental means.
Accidental Death Benefit
A benefit paid in addition to the face amount of a life insurance policy, if the insured dies as the result of an accident. Sometimes referred to as "double indemnity."
Accident Insurance
A contract purchased to guarantee compensation for a specific loss due to an accident.
Actual Cash Value
1) The cost of replacing or restoring property at prices prevailing at the time and place of the loss, less depreciation, however caused;
2) replacement cost minus depreciation.
Additional Parties/Insured
A person other than the named insured has a financial interest in the vehicle.
Adjuster
A person who investigates and settles claims for an insurance carrier.
Adjusting
The process of investigating and settling claims with or by an insurance carrier.
Adverse Carrier
Another insurance company that may be a party in any given claim or loss related to an accident.
Agent
An insurance company representative licensed by the state who solicits, negotiates or effects contracts of insurance, and provides service to the policyholder for the insurer.
Ambulatory Care
Medical services that are provided on an outpatient (nonhospitalized) basis. Services may include diagnosis, treatment, and rehabilitation.
Application
A signed statement of facts made by a person applying for insurance and then used by the insurance company to decide whether or not to issue a policy. The application becomes part of the insurance contract when the policy is issued.
Arbitration
A form of alternative dispute resolution where an unbiased person or panel renders an opinion as to responsibility for or extent of a loss
Association Group
A group formed from members of a trade or a professional association for group insurance under one master insurance contract.
Automobile Liability Insurance
Protection for the insured against financial loss because of legal liability for car-related injuries to others or damage to their property. Insurance which agrees to pay on behalf of the policy holder sums he/she may be legally required to pay to others as the result of negligence.
Automobile Physical Damage Insurance
Coverage to pay for damage to or loss of an insured automobile resulting from collision, or other than collision(comprehensive) fire, theft, or other perils.
Absolute Liability
Liability for damages even though fault or negligence cannot be proven. (Liability without fault.)
Accident
An event or occurrence which is unforeseen and unintended. A sudden unexpected event, identifiable in time and place.
Accidental Bodily Injury
Injury to the body as the result of an accident.
Accidental Death and Dismemberment
A benefit purchased through an endorsement which covers loss due to bodily injury caused solely through accidental means.
Accidental Death Benefit
A benefit paid in addition to the face amount of a life insurance policy, if the insured dies as the result of an accident. Sometimes referred to as "double indemnity."
Accident Insurance
A contract purchased to guarantee compensation for a specific loss due to an accident.
Actual Cash Value
1) The cost of replacing or restoring property at prices prevailing at the time and place of the loss, less depreciation, however caused;
2) replacement cost minus depreciation.
Additional Parties/Insured
A person other than the named insured has a financial interest in the vehicle.
Adjuster
A person who investigates and settles claims for an insurance carrier.
Adjusting
The process of investigating and settling claims with or by an insurance carrier.
Adverse Carrier
Another insurance company that may be a party in any given claim or loss related to an accident.
Agent
An insurance company representative licensed by the state who solicits, negotiates or effects contracts of insurance, and provides service to the policyholder for the insurer.
Ambulatory Care
Medical services that are provided on an outpatient (nonhospitalized) basis. Services may include diagnosis, treatment, and rehabilitation.
Application
A signed statement of facts made by a person applying for insurance and then used by the insurance company to decide whether or not to issue a policy. The application becomes part of the insurance contract when the policy is issued.
Arbitration
A form of alternative dispute resolution where an unbiased person or panel renders an opinion as to responsibility for or extent of a loss
Association Group
A group formed from members of a trade or a professional association for group insurance under one master insurance contract.
Automobile Liability Insurance
Protection for the insured against financial loss because of legal liability for car-related injuries to others or damage to their property. Insurance which agrees to pay on behalf of the policy holder sums he/she may be legally required to pay to others as the result of negligence.
Automobile Physical Damage Insurance
Coverage to pay for damage to or loss of an insured automobile resulting from collision, or other than collision(comprehensive) fire, theft, or other perils.
Insurance Information (cont'd)
Rate
The pricing factor upon which the insurance buyer's premium is based.
Rated Policy
Sometimes called an "extra-risk" policy, an insurance policy issued at a higher-than-standard premium rate to cover the extra risk where, for example, an insured has impaired health or a hazardous occupation.
Ratemaking
The statistical process by which insurers determine risks and pricing for the basic classes of insurance.
Rating Territory
A geographical grouping in which like hazards tend to equalize and permit the establishment of an equitable rate for the territory.
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.
Rebating
Giving any valuable consideration, usually all or part of the commission, to the prospect or insured as an inducement to buy or renew. Rebating is prohibited by law.
Recurring Claim Provision
A provision in some health insurance policies which specifies a length of time during which the recurrence of a condition is considered to be a continuation of a previous period of disability or hospital confinement.
Recurring Clause
A provision in some health insurance policies, which specifies a period of time during which the recurrence of a condition is considered a continuation of a prior period of disability or hospital confinement.
Reduced Paid-up Insurance
A form of insurance available as a nonforfeiture option. It provides for continuation of the original insurance plan, but for a reduced amount.
Regulation
Supervision of business practices by a governmental entity.
Rehabilitation
(1) Restoration of a totally disabled person to a meaningful occupation, (2) a provision in some long- term disability policies that provides for continuation of benefits or other financial assistance while a totally disabled insured is retraining or attempting to resume productive employment.
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.
Reinsurance
Assumption by one insurance company of all or part of a risk undertaken by another insurance company.
Reinsurance Facility
An alternative mechanism to service those insureds that cannot obtain insurance in the voluntary market. Premiums and losses for the business that is ceded to the facility are pooled and all insurers share according to their proportion of the voluntary market.
Renewable Term Insurance
Term insurance which can be renewed at the end of the term, at the option of the policyholder and without evidence of insurability, for a limited number of successive terms. The rates increase at each renewal as the age of the insured increases.
Renewal
Continuance of coverage under a policy beyond its original term by the insurer's acceptance of the premium for a new policy term.
Renter's Policy
A package type of insurance that includes coverage similar to a homeowners policy to cover the personal property of a renter or tenant in a building.
Replacement
The substitution of health insurance coverage from one policy contract to another.
Replacement Cost
The cost to repair or replace property at construction costs prevailing at time of loss; the cost to repair or rebuild property without considering depreciation. (See Actual Cash Value)
Replacement ratio
The percentage of income before retirement that is required to be replaced to maintain the same standard of living after retirement.
Representation
Statements made by an applicant in the application, which he represents as being substantially true to the best of his knowledge and belief, but which are not warranted as exact in every detail.
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 takes effect as of the date of issue of the policy, thus voiding the contract from its inception.
Reservation of Rights
An arrangement whereby an insurer defends a case without commitment to provide coverage in the event that the facts disclosed during the trial reveal that the occurrence is not covered.
Reserve
(1) An amount representing liabilities kept by an insurer to provide for future commitments under policies outstanding. (2) An amount allocated for a special purpose. Note that a reserve is usually a liability and not an extra fund.
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.
Residual Market
A system through which insurance is made available to buyers that represent unusually high risks.
Retention
The net amount of risk retained by an insurance company for its own account or that of specified others, and not reinsured.
Retrocession
The process by which a reinsurer obtains reinsurance from another company.
Retrospective Date
The first date for which claims will be paid under a claims-made policy of liability insurance.
Retrospective Rating
Rating procedure which allows adjustment of an insured's final rate on the basis of the insured's own loss experience.
Revocable Trust
A trust that can be terminated or revoked by its creator.
Rider
A special policy provision or group of provisions that may be added to a policy to expand or limit the benefits otherwise payable.
Right of Survivorship
At the death of one co-owner of property, that person's interest in the property automatically passes to the surviving joint tenant or tenants.
Risk
The chance of loss. Also used to refer to the insured or to property covered by a policy. A term used to refer to a person or the peril insured.
Risk Classification
The process by which a company decides how its premium rates for life insurance should differ according to the risk characteristics of individuals insured (e.g., age, occupation, sex, state of health) and then applies the resulting rules to individual applications. (See - Underwriting)
Risk Control
Any conscious action (or decision not to act) intended to reduce the frequency, severity, or unpredictability of accidental losses.
Risk Retention Group
An alternative form of insurance in which members of a similar profession or business band together to self insure their risks.
Robbery
The taking of property from a person by force or threat of violence.
Rollover
Transfer of IRA or other qualified pension funds from one financial institution (trustee) to another.
Rate
The pricing factor upon which the insurance buyer's premium is based.
Rated Policy
Sometimes called an "extra-risk" policy, an insurance policy issued at a higher-than-standard premium rate to cover the extra risk where, for example, an insured has impaired health or a hazardous occupation.
Ratemaking
The statistical process by which insurers determine risks and pricing for the basic classes of insurance.
Rating Territory
A geographical grouping in which like hazards tend to equalize and permit the establishment of an equitable rate for the territory.
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.
Rebating
Giving any valuable consideration, usually all or part of the commission, to the prospect or insured as an inducement to buy or renew. Rebating is prohibited by law.
Recurring Claim Provision
A provision in some health insurance policies which specifies a length of time during which the recurrence of a condition is considered to be a continuation of a previous period of disability or hospital confinement.
Recurring Clause
A provision in some health insurance policies, which specifies a period of time during which the recurrence of a condition is considered a continuation of a prior period of disability or hospital confinement.
Reduced Paid-up Insurance
A form of insurance available as a nonforfeiture option. It provides for continuation of the original insurance plan, but for a reduced amount.
Regulation
Supervision of business practices by a governmental entity.
Rehabilitation
(1) Restoration of a totally disabled person to a meaningful occupation, (2) a provision in some long- term disability policies that provides for continuation of benefits or other financial assistance while a totally disabled insured is retraining or attempting to resume productive employment.
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.
Reinsurance
Assumption by one insurance company of all or part of a risk undertaken by another insurance company.
Reinsurance Facility
An alternative mechanism to service those insureds that cannot obtain insurance in the voluntary market. Premiums and losses for the business that is ceded to the facility are pooled and all insurers share according to their proportion of the voluntary market.
Renewable Term Insurance
Term insurance which can be renewed at the end of the term, at the option of the policyholder and without evidence of insurability, for a limited number of successive terms. The rates increase at each renewal as the age of the insured increases.
Renewal
Continuance of coverage under a policy beyond its original term by the insurer's acceptance of the premium for a new policy term.
Renter's Policy
A package type of insurance that includes coverage similar to a homeowners policy to cover the personal property of a renter or tenant in a building.
Replacement
The substitution of health insurance coverage from one policy contract to another.
Replacement Cost
The cost to repair or replace property at construction costs prevailing at time of loss; the cost to repair or rebuild property without considering depreciation. (See Actual Cash Value)
Replacement ratio
The percentage of income before retirement that is required to be replaced to maintain the same standard of living after retirement.
Representation
Statements made by an applicant in the application, which he represents as being substantially true to the best of his knowledge and belief, but which are not warranted as exact in every detail.
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 takes effect as of the date of issue of the policy, thus voiding the contract from its inception.
Reservation of Rights
An arrangement whereby an insurer defends a case without commitment to provide coverage in the event that the facts disclosed during the trial reveal that the occurrence is not covered.
Reserve
(1) An amount representing liabilities kept by an insurer to provide for future commitments under policies outstanding. (2) An amount allocated for a special purpose. Note that a reserve is usually a liability and not an extra fund.
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.
Residual Market
A system through which insurance is made available to buyers that represent unusually high risks.
Retention
The net amount of risk retained by an insurance company for its own account or that of specified others, and not reinsured.
Retrocession
The process by which a reinsurer obtains reinsurance from another company.
Retrospective Date
The first date for which claims will be paid under a claims-made policy of liability insurance.
Retrospective Rating
Rating procedure which allows adjustment of an insured's final rate on the basis of the insured's own loss experience.
Revocable Trust
A trust that can be terminated or revoked by its creator.
Rider
A special policy provision or group of provisions that may be added to a policy to expand or limit the benefits otherwise payable.
Right of Survivorship
At the death of one co-owner of property, that person's interest in the property automatically passes to the surviving joint tenant or tenants.
Risk
The chance of loss. Also used to refer to the insured or to property covered by a policy. A term used to refer to a person or the peril insured.
Risk Classification
The process by which a company decides how its premium rates for life insurance should differ according to the risk characteristics of individuals insured (e.g., age, occupation, sex, state of health) and then applies the resulting rules to individual applications. (See - Underwriting)
Risk Control
Any conscious action (or decision not to act) intended to reduce the frequency, severity, or unpredictability of accidental losses.
Risk Retention Group
An alternative form of insurance in which members of a similar profession or business band together to self insure their risks.
Robbery
The taking of property from a person by force or threat of violence.
Rollover
Transfer of IRA or other qualified pension funds from one financial institution (trustee) to another.
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