An Indemnity against loss arising from acting in breach of a restrictive covenant on land, such as using the land in a way prohibited by such a covenant.
Tag: RAW
Restrictive endorsements
Liability term excluding liability arising out of particular work circumstances, e.g. builder’s policy may exclude work more than 40 feet in height or working on high structures like blast furnaces. There is nothing in compulsory employers’ liability legislation to prohibit such restrictions (Dunbar v. A & B Painters (1985)), but they are not favoured and more likely to be applied to public liability cover.
resubmission turnaround document (RTD)
Document that the Medi-Cal fiscal intermediary sends to providers when a claim form has questionable or missing information.
Result clause
Type of war hazard exclusion that does not pay benefits for losses from acts of war.
Results/testing/reports
Terms seen in CPT 2008. Results are the technical component of a service; testing leads to results; results lead to interpretation; and reports are the work product of the interpretation of test results.
Retail agent
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.
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.