Health plan, health insurer, or self-funded employer that takes on financial responsibility for a provision that lists specific benefits and accepts prepayment for the cost of the medical care.
Insurance Encyclopedia
Risk, Definition (European Union/European Economic Area-Definition of a Risk)
A risk is deemed to be located in an European Union or European Economic Area member state if it is: (a) a building (and its contents issued under the same policy) situated in that state; (b) a motor vehicle, ship, yacht or aircraft registered in that state; (c) a travel policy for four months or less taken out in that state. For any other type of insurance (including a life insurance) it is an individual if the policyholder is habitually resident in the member state or a business or an organization if the establishment to which the contract relates is situated in that state. European Economic Area: The member states of the European Union plus Norway, Iceland and Liechtenstein. European Union : The European Union is made up of 27 Member States: Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the United Kingdom.
Risks
A term used to denote the physical units of property at risk or the object of insurance protection and not Perils or Hazard. Reinsurance by tradition permits each insurance company to frame its own rules for defining units of Risks. The word is also defined as chance of loss or uncertainty of loss.
Risks attaching
Excess of loss reinsurance covering losses on policies issued or renewed during the treaty period until they expire. The attachment point is the key.
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UK: a type of reinsurance; in excess of loss property reinsurance, a risks attaching clause means that cover continues until the expiry of the original risk.
Risks in Multiple Occupancy Industrial Estate for Fire Insurance
Risks in Multiple Occupancy Industrial Estates shall be rated “Per Se.” If the entire building of the industrial estate is insured under one sum insured a rate as prescribed shall be charged to the building.
River Marine
The part of Ocean Marine Insurance which addresses itself to the insuring of crafty which work on inland waterways.
Road Haulage Association Conditions of Carriage 1998
Conditions whereby hauliers accept liability for loss, misdelivery or damage for goods unless an exception (e.g. inherent vice, Act of God) applies. Liability is limited to £1,300 per tonne not exceeding the value of the consignment. Physical loss, misdelivery or non-delivery must be notified within 7 days and a claim made within 14 days of termination of the transit. Other losses need to be notified and claimed within 28 and 42 days respectively. All liability ends if the goods owner does not commence legal proceedings within one year from commencement of the transit. Liability for consequential loss is capped at the amount of the carriage charges. There is no liability for livestock, bullion, money, precious metals, etc., unless specially agreed. See HAULIERS’ LIABILITY.
Road Rescue cover
Offered by some private car insurers as part of the car insurance. Covers the cost of call-out and roadside repairs (subject to exceptions), vehicle recovery to a garage, hire car to continue a journey or return home, rail fare to cover cost of collecting the car after repair, transportation of the car and occupants to destination or home or overnight hotel accommodation up to specified limits.
Road Risk Insurance
Insurance of a Motor trader in respect of vehicles on the road or in the course of a journey as distinct from internal risks insurance which applies to vehicles on his own premises.
Road Risks insurance
Motor trade policy permitting driving of own and customers vehicles on a road or temporarily garaged during a journey. Use of vehicles is restricted to motor trade use and social, domestic and pleasure. There are wide ranging options for driving by the insured, the insured’s spouse, employees and friends and named additional drivers. Further extensions include loan and hire, unaccompanied demonstration, private hire or windscreen cover. Cover can be comprehensive, third party fire and theft or third party. Risks on the insured’s premises are covered under internal risks policies. See POINTS BASIS; NAMED DRIVER BASIS; TRADE PLATE BASIS.