A form on which a direct insurer sets out closing details and which he sends the broker in order that the broker may close the reinsurance with the reinsurers.
Tag: RAW
R/I or Direct
Term used on a broker’s slip when the broken has an order to place a risk but does not know whether it will be a direct insurance of a reinsurance.
R/I Treaty Standard Slip
A standard form for us by brokers in the placing of a reinsurance treaty.
Rabbi trust
Legal document that was named by an Internal Revenue Service ruling that involved a trust created by a Jewish congregation on behalf of its rabbi. Such trusts require the employer to make contributions to the trust that are irrevocable. The trust is managed by an independent trustee who pays benefits in the event of death, disability, or retirement of the employee. The employer is not allowed to take tax deductions for its contributions to the trust until funds are actually distributed to the employee.
Rabbi trust (Pensions)
A trust wherein the employee is not taxed because the plan’s assets can be claimed by creditors. This name is used because the first of these type of trusts was set up for a rabbi.
Rabbit Insurance
Policy shall cover all breeds of Rabbits in the age group of 3 months to 3 years against death of rabbits due etc accident and/or diseases contracted during the period of insurance. Exclusions as per Cattle Insurance.
Radiant Heat
Heat energy carried by electromagnetic waves that can pass through gauges without warming them, but that increases the temperature of solid and opaque objects.
Radioactive contamination
The contamination of any material, surface, environment or person by radioactive substances such as alpha particles or gamma rays. Radioisotopes used in industry (e.g. medicine, food, pasteurisation) are generally of low power with a short life. The risk is insurable if the UK’s Atomic Energy Authority standards for the use of radioisotopes are strictly observed. Product and public liability policies exclude loss or damage from ionising radiations or contamination from any nuclear fuel or waste from the combustion of nuclear fuel. See NUCLEAR PERILS.
Radioactive Contamination Insurance
Coverage which may be added for a Property policy to cover certain risks where there is neither a nuclear reactor nor nuclear fuel on the premises but which might occasionally be exposed to contamination damage from other material on the insured’s premises. Liability losses caused by nuclear reaction and radioactive contamination are excluded from most insurance contracts and are usually covered under policies issued by pools created for this purpose.
Radioactive contamination insurance (Property Insurance)
Insurance that covers property that can be exposed to radioactive contamination due to materials on the insured property. This type of exposure is usually excluded from typical property insurance policies. To qualify for this type of policy, the possible radioactivity must not be due to exposure from a nuclear reactor or nuclear fuel.