Written statements by an individual applying for insurance about health history, family health history, occupation, and other personal information that must be substantially correct. Such representations are fraud only if they pertain to an insurance risk and were made with the intent to deceive.
Tag: RAW
Representative
An agent or sales representative.
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A general term used for an agent or salesperson.
Representative payee
Individual appointed to represent someone who receives Social Security or Supplemental Security Income (SSI) and cannot handle his or her own financial affairs. A representative payee is required to maintain complete accounting records and periodically provide reports to Social Security.
Represented employee
In a workers’ compensation case, an injured worker who is represented by an attorney.
Repricer
See: pricer.
Reproduction Cost / Reproduction Value
This is the cost of the reproducing or replacing the existing property exactly at the current prices. This measure may produce an unrealistic value as the materials or methods of construction employed twenty years back may be out-dated.
Reputation risk
The risk that relates to the organisation’s reputation and public perception of the organisation’s integrity, efficiency and effectiveness. The principal response is reputation risk management but indirectly most forms of property and business interruption are important in helping a firm to sustain its presence and therefore reputation. See TRADE NAME RESTORATION.
Reputation risk management
This is part of the culture and processes that are directed towards the effective management of potential opportunities and threats to the organisation achieving its objectives through maintaining and enhancing its reputation. The processes will involve preparing business continuity, crisis management and disaster recovery plans, and a sound communication plan designed to work with the media and other stakeholders. Case histories show that companies who demonstrate an ability to overcome a crisis actually enhance their reputation and share value.
request for anticipated payment (RAP)
Formal request submitted for processing at the beginning of a 60-day home health episode after a physician evaluates a Medicare beneficiary’s condition and assigns him or her to a case-mix group. The RAP payment is the first of the two payments required during an episode under the home health prospective payment system.
Request for proposal (RFP)
A document used to secure proposals for insurance or risk management services.