An insurance agent who acts as an intermediary between an insured and the marketplace. In some instances, retail agents deal directly with an insurer in arranging coverage, while in others, retail agents work with managing general agents or wholesale brokers to secure coverage for their client-insured.
Insurance Encyclopedia
Retail customer
A policyholder or potential policyholder acting outside his trade, business or profession. FSA rules require that retail customers be supplied with: a policy summary; price information; details on how to claim; policy document; renewal information; details of mid-term changes. All private individuals are eligible complainants from a complaints perspective.
Retail outlet distribution system
See: location-selling distribution system .
Retail Price Index (RPI)
UK index of consumer prices widely used for indexation. There are several variants from the headline rate such as RPIX, i.e. prices excluding mortgages.
retained asset account (RAA)
Money market checking account for the beneficiary that is set up by the insurance company into which the life insurance policy’s death benefits are deposited.
Retained benefits
Member’s benefits from previous occupational schemes, personal pension schemes or retirement annuity policies. Where the existing scheme has an accrual rate better than one-sixtieth per year, retained benefits, when taken with existing benefits, must not exceed two-thirds of final remuneration, i.e. the maximum under a tax approved scheme.
Retainer Clause
A clause stating how much a company placing reinsurance intends to retain.
Retainer clause (Reinsurance)
A clause that states how much of the insurance the ceding company intends to retain.
Retaliation
Action taken by a country to restrain its imports from another country that has increased a tariff or imposed other measures that adversely affects the first country’s exports.
Retaliation laws
State legislation that taxes out-of-state insurance companies that do business in the state with the same tax rate as their home state.