Group of cases selected for study, which is drawn indiscriminately from the universe of cases by a statistically valid method.
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Sample selected or assigned in such a way that all members of the population from which the sample was drawn were equally likely to have been selected.Representative Sample : Sample that corresponds to or matches the population from which it was drawn, with respect to the percentage of cases having characteristics likely to be important for the purpose under study.Stratified Random Sampling ; Sampling technique in which a population is divided into sub-classification or strata according to certain key variables (age, gender, etc.) such that each case appears in only one sub-group. Cases are then selected at random from within each sub-group, either in proportion to that sub-group’s distribution in the population or in equal numbers per sub-group in order to increase the representative aspects of the sample.Sanction Limitation and Exclusion Clause : No reinsurer shall be deemed to provide cover and no reinsurer shall be liable to pay any claim, or provide any benefit hereunder to the extent that the provision of such cover, payment of such claim or provision of such benefit would expose that (re)insurer to any sanction, prohibition, or restriction under United Nations resolution or the trade or economic sanctions, laws or regulations of the European Union, United Kingdom or United States of America, 11.08.2010 HC 2010/014. Effect to this clause prohibits the provisions of marine insurance including both Cargo and Hull prohibits insurance, to pay claims or to provide any other benefits if so doing would be a breach of such sanctions.
Insurance Encyclopedia
Random Sampling
Selecting individual items from a large group in such a way that every individual item has the same chance of being included in the same group.
Range
The extent of classes of property covered by a policy or of the situation(s) at which it is covered.
Ransomware
A type of malware that encrypts the data of the victim so that it is inaccessible until the victim pays a ransom to the hacker.
RAO
See: Regulated Activities Order.
Rashtriya Swasthiya Bima Yojana (RSBY)
See: “Health Insurance, Rashtriya Swasthiya Bima Yojana (RSBY).”
Rate
US: A unit of cost that is multiplied by an exposure base to determine an insurance premium. An insurance rate is the amount of money necessary to cover losses, cover expenses, and provide a profit to the insurer for a single unit of exposure. Rates, as contrasted with loss costs, include provision for the insurer’s profit and expenses.
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MEDICAL,USA: Price or cost of insurance per unit that is used as a means for determination of a premium amount.
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UK,REFERENCE: See: PREMIUM RATE; FLAT RATE.
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The cost of a particular insurance unit. To arrive at the premium amount, the rate is multiplid by the amount of insurance units being purchased.
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The cost of a unit of insurance.
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REINSURANCE: The percent or factor applied to the ceding company’s subject premium that results in the reinsurance premium for excess of loss reinsurance.
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REINSURANCE: The percent or factor applied to the ceding company’s subject premium to produce the reinsurance premium or the percent applies to the reinsurer’s premium to produce the commission.
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The premium expressed as a percentage of the sum insured or limit of indemnity.
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The premium rate is the amount of premium charged per exposure unit, e.g., per $1,000.
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US: The pricing factor upon which the insurance buyer’s premium is based.
Rate card
A small card distributed to agents and sales representatives by an insurer. The card lists the rates available for various coverages.
Rate Cards
Cards prepared by rating bureau stating the premium rate and related information on properties.
Rate Credit (or Deficiency )
Reduction (or increase) in the premium rate charged and insured under a schedule rating plan. See Also: “Rating, Schedule Rating.”