It occurs when the court corrects a mistake made by both parties or a mistake made by one party coupled with fraud by the other. The court reforms the contract to express the original intention of the parties.
Tag: RAW
Refrigerator insurance
Engineering insurance covering breakdown and/or accidental damage to plant and the resultant damage to own surrounding property. A monetary excess applies. The policy is suitable for refrigerating machinery used with cold rooms or chambers for the storage of frozen or chilled goods or in connection with air conditioning units for the control of temperature in offices and other buildings.
Refund
Money returned by an insurance company to a group or individual.
Refund annuity
Type of annuity that gives back premiums plus interest to a beneficiary if the annuitant dies during the accumulation period.
Refund annuity (Annuity)
An annuity that issues a refund to the named beneficiary should the annuitant die before benefits amounting to the same total he or she paid on the policy are drawn.
Refund life annuity (Annuity)
An annuity that pays out the same amount paid in by the insured. Installment payments are made to the insured during his or her lifetime, and made to the beneficiary after the insured dies.
Refund life income option
See: life income option with refund .
Refund reinsurance
A form of reinsurance, typically yearly renewable term, under which the premium rates are subject to an experience refund as opposed to being fixed (nonrefund).
Regenstrief Institute
Internationally recognized informatics and health care research organization dedicated to the improvement of health through research that enhances the quality and cost-effectiveness of health care. The institute offers education and training opportunities in academic and research careers. It maintains the logical observation identifiers, names, and codes (LOINC) system that is being considered for use as part of the HIPAA claim attachments standard.
Regional Committees
The Tariff Advisory Committee has constituted Regional Committees by drawing members from among the underwriters of the subsidiary companies. The duties of the Regional Committees are to (i) advise the TAC on matters relating to fixation of rates, terms and conditions etc. for risks in its region which may be referred to it by the TAC. and (ii) perform such functions as may be delegated to it by the TAC.