Ancient form of loan, similar to bottomry, but secured on the cargo only and repayable only if the cargo is saved.
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(A contract of Insurance by which a ship or its cargo is pledged as collateral for a loan required to support a maritime venture. In the early days of marine insurance, a ship-owner would borrow money on a mortgage on the ship, and the mortgage would provide that if the ship were lost, the borrower would not have to reply the loan. This was Bottomry, which thus combined money lending with insurance. When cargo instead of hull was involved it was called “respondentia.”
Tag: RAW
Responsibility statement
See: Advance Beneficiary Notice (ABN) .
Restitution
Court-ordered giving back or returning of funds.
Restoration
Reinstatement, as the amount of coverage after a loss.
Restoration of benefits (Health Insurance)
A clause that allows an insured’s lifetime maximum benefit to be restored gradually after he or she has had a claim paid. This is usually done in small annual increments.
Restoration Premium
Premium charged to restore a Policy or bond to its original face amount after payment of a loss. Most property and liability Insurance policies do not require restoration premiums to maintain original amounts of coverage.
Restraint
Any manual method or physical or mechanical device, material, or equipment attached to or adjacent to a client’s or patient’s body that the individual cannot remove easily and that restricts freedom of movement or normal access to one’s body. Chemical restraints are any drug used for discipline or convenience and not required to treat medical symptoms.
Restraints
One of the perils covered by a plain for of Marine policy is “arrest, restraints and detainments of all Kings, princess, and people.” The term refers to political and executive acts, and does not include a loss caused by riot or by ordinary judicial process. An embargo is a restraint, but the anticipation of an embargo is not “People” means the governing power, not the mob.
Restricted employer-related investment
PA95, s.40, restricts investment by the pension fund in this type of investment to 5 per cent of the scheme assets. SSAS is an exception.
Restricted formulary
List of drugs covered by a benefit plan in which there are some limitations or restrictions about which medications may be chosen for the members of the managed care plan. See also closed formulary and open formulary .