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Return premium

An amount, equal to a fraction of the premium, which is given back to the insured in the case of a cancellation, an adjustment to the rate, or an overpayment of an advance premium.
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Portion of the premium returned to an insured as a result of a Policy cancellation, rate adjustment or a calculation that a deposit premium was unnecessarily large.
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UK: Refund to the insured by law (e.g. liquidation of insurer) or by contract. If the risk does not attach the insurer runs no risk and must return the premium. Once the risk has attached the insured is not entitled to any return except under a contractual provision, e.g. adjustable premium, cancellation or laying up of vessels or vehicles.

Return to Invoice Riders for Motor Insurance

In the event of the insured vehicle being a TL/CTL the insurer will pay the difference between the claim admissible and the sale invoice price of the vehicle or new replacement value of the same make and model value, whichever is less. The policy will pay in addition the first registration fee and road tax incurred on the insured vehicle. The coverage is subject to the vehicle being not more than 3 years old and the insured being the first registered owner of the vehicle. The IDV of the policy will be as decided by the insurers and value as on the commencement date of the policy. The sum insured will be the maximum liability under the policy. The policy will not pay if the TL/CTL or theft claim is not admissible.

Reunderwriting

The process by which the company reevaluates policyholders and, as necessary, imposes surcharges, deductibles, or nonrenewal in cases where the policyholder’s claims history or other experience presents a consistent pattern that creates an undue liability risk. The process of reunderwriting may include property inspections, pulling new motor vehicle, or other reports providing current information on the insured.
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Reunderwtriting is the process by which the profitability of a portfolio is managed and the claims that take place are duly examined for identifying the loss exposures and taking necessary correction for implementation.

Reuse

In reference to Centers for Medicare and Medicaid Services (CMS) data, a situation that occurs when a requestor from the same or different organization requests permission to use CMS data already obtained for a prior approved project.

Revenue code

Four-digit number in the hospital’s chargemaster that identifies a specific accommodation, ancillary service, or billing calculation related to the claim being submitted. These payment codes are inserted in Field 42 in ascending order on the Uniform Bill (UB-04) inpatient hospital billing claim form. Billing guidelines for revenue codes are extensive, so refer to the UB-04 manual for detailed information. Revenue codes are important because some managed care plans base payment on diagnosis, procedure, and revenue codes. All revenue codes from 001 to 999 must be preceded with a “0.” The leading “0” is added automatically for electronic claims. Basic revenue codes end in “0.” Detailed revenue codes end in 1 through 9. Do not repeat revenue codes on the same claim except when required by field or for coding more than one HCPCS code for the same revenue code item.