Latin for “the thing speaks for itself.”
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UK: ‘The thing speaks for itself. The maxim applies whenever it is improbable that an accident would have occurred without negligence on the part of the defendant. The court infers negligence and the defendant has to disprove it.
Insurance Encyclopedia
Res ipsa loquitur (Legal Terminology)
A legal doctrine under which a person is deemed negligent if he or she is found to have had total and sole control over the circumstances of an injury, and the injury was only possible if the individual in question had been negligent.
Res Judicata
The principle that once a competent Court has adjudicated on a point the parties or their successors may not reopen the matter except by way of appeal.
Rescission
MEDICAL,USA: Act of voiding an insurance contract because of misrepresentation on the insurance application.
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An equitable remedy which declares the contract void from its inception, thus, restoring the parties to the position they would have held in the absence of such a contract.
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US: Termination of an insurance contract by the insurer on the grounds of material misstatement on the application for insurance. The action of rescission must take place within the contestable period or Time Limit on Certain Defenses but takes effect as of the date of issue of the policy, thus voiding the contract from its inception.
Rescission (Legal Terminology)
The early termination of an insurance policy by the insurer due to the discovery of a material representation by the insured. This term can also refer to the act of repudiating a contract, whether because of someone’s failure to perform as expected, or because the contract was signed under false pretenses or duress.
Research data assistance center
Centers for Medicare and Medicaid Services (CMS) contractor who provides free assistance to academic and nonprofit research interested in using Medicare and Medicaid data for research.
Research protocol
Document that outlines a strong research design, which clearly states the objectives, background, methods, and significance of the study being proposed.
Reservation of Rights
An arrangement whereby an insurer defends a case without commitment to provide coverage in the event that the facts disclosed during the trial reveal that the occurrence is not covered.
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An arrangement in which an insurer agrees to proceed with the defense of a case without commitment to provide coverage, in the event that the facts disclosed during the trial reveal that the occurrence is not covered.
Reserve
US:(1) an amount representing liabilities kept by an insurer to provide for future commitments under policies outstanding. (2) An amount allocated for a special purpose. Note that a reserve is usually a liability and not an extra fund.
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A sum set aside by a company to fulfill future claims.
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UK: an amount built up in the early years of a group of policies, when the level of premiums is greater than required to meet claims, expenses etc, and used to pay claims in later years when the premiums are less than required; often also referred to as a provision (see technical provisions and equalisation provision).
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US: An amount of money earmarked for a specific purpose. Insurers establish unearned premium reserves and loss reserves indicated on their balance sheets. Unearned premium reserves show the aggregate amount of premiums that would be returned to policyholders if all policies were canceled on the date the balance sheet was prepared. Loss reserves are estimates of outstanding losses, loss adjustment expenses (LAEs), and other related items. Self-insured organizations also maintain loss reserves.
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REINSURANCE: An amount which is established to provide for payment of a future obligation.
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MEDICAL,USA: Funds set aside and designated for future financial liabilities for life or health insurance such as to meet the difference between future benefits and future premiums. Also called prospective reserve or policy reserve . See policy reserve .
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Funds set aside for the purpose of meeting obligations as they fall due.
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The amount kept by the insurer to be able to cover all his or her debts. This term can also refer to an amount earmarked by the insurer for a specific purpose.
Reserve adjustment interest rate
In modified coinsurance, the interest rate used to calculate the amount payable by the cedant in consideration of the reserves being transferred back by the reinsurer. See ModCo.