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Rebate

A deduction taken from a set payment or charge. As a rebate is given after payment of the full amount has been made, it differs from a discount which is deducted in advance of the payment. In foreign trade, a full or partial rebate may be given on import duties paid on goods which are later re-exported.
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An incentive offered to the insured for purchasing the insurance, such as money taken from the agent’s commission and given to the insured. This type of incentive is illegal. Reduced premiums or rate adjustments are not considered rebates and are therefore legal.
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In insurance, a portion of an agent’s commission returned to a customer as an inducement to place the insurance through the agent. This practice is illegal in most jurisdictions as against public policy.

Rebating

See: antirebate law .
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Generally illegal practice, by an Insurer’s representative, or returning to an insured a portion of a commission or any other valuable inducement to buy Insurance from that representative. In India every proposal form for general Insurance business contains the following text: “Prohibition of rebating Your attention is respectfully invited to Sec. 41 of the Insurance Act 1938 which reads as follows: 01. No person shall allow or offer to allow, either Directly or indirectly as an inducement to any person to take out or renew or continue an Insurance in respect of any kind of risk relating to lives or property in India, any rebate of the premium shown on the Policy, nor shall any person taking out or renewing or continuing a Policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the Company. 02. Any person making default in complying with the provision of this section shall be punishable with a fine which may extend to five hundred rupees.:

Rebellion

The taking up of arms traitorously against the government of the state. It is a graver form of insurrection for general purposes in which there is usurped power amounting to treason. (F.H. Jones).

Rebuilding cost

The cost of rebuilding premises following its destruction by an insured peril. The amount, taking into account professional fees and debris removal, should represent the sum insured under a buildings reinstatement insurance. The ABI’s guide on buildings costs is drawn from the ‘Guide to House Rebuilding Costs’ published by the Building Cost Information Service of the Royal Institution of Chartered Surveyors. Received for shipment bill The bill of lading issued prior to shipment stating the particulars of goods and their apparent condition. Under the Carriage of Goods by Sea Act 1971 such a bill may be demanded by a shipper from the shipowner.