An individual or firm entitled to act as a recognised accountant in accordance with the Audit Arrangements Byelaw (No. 7 of 1998).
Insurance Encyclopedia
Recognised occupations
See: Approved Occupations.
Recommendations
List of suggested changes that are proposed by an inspector for assessment of the loss potential. Adoption of the recommended changes can result in lower premiums.
Recommended contribution rate
Pension scheme actuary’s recommendation as to the standard contribution rate. Usually involves adjusting the current standard contribution rate to allow for differences between the actuarial liability and the actuarial value of assets taking into account the objectives of the funding plan.
Reconditioning Charges
Charges incurred by an insured to recondition damaged cargo and so minimize a loss.
Reconsideration (recon)
1. In the Medicare program, after payment or denial of an insurance claim, this is the second level of appeal. 2. First level of appeal process for an individual applying for SSDI or SSI. It is a complete review of the claim by a medical or psychological consultant/disability examiner team who did not take part in the original disability determination.
Reconstructive surgery
Plastic surgery performed to improve physical function and lessen disfigurement from an accident or injury, birth defect, burn, or disease. Difference between reconstructive surgery and cosmetic surgery is that the latter is considered elective and done for aesthetic reasons. See cosmetic surgery .
Record card
See: register.
Record of payments
Record of amount and frequency of contributions made through the employer’s payroll to a personal pension provider. It must show: deductions from pay; the employer’s contribution; and the date by which contributions must be received by the provider. The due date for employee contributions must be no later than the 19th of the month following deduction. Providers not in receipt of contributions within 30 days of due must inform Opra.
Recording agent (Property Insurance)
A term used for an agent who writes property insurance policies. This term is usually only used in the property insurance business.