A contract, supplementary to a Contractors’ All Risks Policy issued on a contract by contract basis, to cover minor works, including going back to work on a lapsed contract.
Insurance Encyclopedia
Residual subscriber
Dependent of the insured who has a different type of insurance coverage and identification number from the insured. They are billed separately as a residual member.
Residual Value
In business interruption insurance expense incurred by the insured to minimize a loss may result in advantage continuing to the insured after the indemnity period covered by the policy. The value os this advantage is called the residual value.
Residual value insurance
A financial guarantee insurance that protects a lessor against unexpected declines in the market value of leased equipment (vehicles, aircraft, heavy machinery) upon termination or expiration of the lease agreement. The insurance helps the lessor manage the asset value risk inherent in leasing.
Residuary
The balance remaining, as in an estate after specific bequests and debts have been paid.
Resilience test
Regulatory test imposed on UK life insurers to ensure that they can withstand a specific fall in equity market values without breaching their required margin of solvency. The result is embedded in the calculation of technical provisions instead of being presented as solvency capital. The appointed actuary is expected to apply his own judgement in considering matters relevant to the test.
Resisted claim
Insurance claim that an insurance company refused to pay but may pay in the future.
Resolicitation
Sales drive carried out to enroll eligible individuals who are not covered into an existing group insurance plan. Also called recanvass .
Resource based relative value scale (RBRVS) (Health Insurance)
A scale used by Medicare to determine how doctors will be compensated.
Resource costs
Expense used by a physician to render a service or procedure that includes the doctor’s time and effort and the expenses of nonphysician time and effort.