Visit made by the insurance company’s insurance agent to the insured to discuss an existing policy and give any additional service that may be warranted.
Insurance Encyclopedia
Renewal underwriting
Evaluation of the premium and claim expense of an existing policy to set renewal premium rates and create terms for the next year of insurance.
Renewals
A general term used to refer to any premiums paid toward a renewed policy.
Rent a Car for Motor
The vehicles of various categories are available on rent from Motor Cycles/Scooters to Buses on Hire/Charter basis for the convenience of consumers. The consumer is required to possess valid and effective driving licence and pay a nominal amount as deposit to hire a vehicle duly insured for damage to the vehicle or liability to third party property damage or bodily injury.
Rent Insurance
Insurance for the protection of a building owner’s receipts. In the event that a tenant does not pay rent because of perils such as Fire etc. the Insurance Company will pay for such losses.
Rent insurance coverage
A form of business income insurance for a landlord. It protects building owners against loss of income when the building cannot be rented because of damage from any of the insured perils. It provides income while an insured’s building is untenantable.
Rent Loss
The loss of contract rent that occurs when a tenant is excused from paying rent when a building that is damaged or destroyed is rendered untenable. Also the loss of the contract rent the tenant may be required to pay even though he cannot occupy the building.
Rent-a-captive
Specialised form of captive for businesses seeking the benefits of internal funding without incurring the costs of forming their own captive. A rent-a-captive is formed by a group of investors and operated as a business. Insureds wishing to participate ‘rent’ space, i.e. get their own account, in the captive.
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A specialized form of captive insurance company operation designed for businesses that do not want to own a captive but want to obtain some of the advantages offered by captives. A rent-a-captive is formed by a group of investors and operated as an income-producing business. Insureds who wish to participate rent space in the captive instead of setting up and capitalizing their own captive insurance company.
Rental reimbursement coverage
On a personal auto policy, coverage for the insured to rent a vehicle while his vehicle is under repairs or for 30 days after a theft of the vehicle or until the vehicle is found, whichever is first.
Rental value insurance (Property Insurance)
A property insurance form that covers a landlord/owner in the case of loss of rental income due to damage done to the property by an insured peril. This form also covers loss sustained to the rental value of the property.