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.
Tag: RAW
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.
Retained benefits
Member’s benefits from previous occupational schemes, personal pension schemes or retirement annuity policies. Where the existing scheme has an accrual rate better than one-sixtieth per year, retained benefits, when taken with existing benefits, must not exceed two-thirds of final remuneration, i.e. the maximum under a tax approved scheme.
Retainer Clause
A clause stating how much a company placing reinsurance intends to retain.
Retainer clause (Reinsurance)
A clause that states how much of the insurance the ceding company intends to retain.
Retaliation
Action taken by a country to restrain its imports from another country that has increased a tariff or imposed other measures that adversely affects the first country’s exports.
Retaliation laws
State legislation that taxes out-of-state insurance companies that do business in the state with the same tax rate as their home state.
Retaliatory law (Legal Terminology)
A law stating that insurance agents who live in one state and are applying for a license in another will be given the same treatment as agents who live in that state are given when applying in the state the first agent resides in.
Retention
(1) Amount of an Insurer/s liability retained under a given Policy equal to the gross line minus Reinsurance. (2) Method of financing an organization is potential losses through its own funds rather than through Insurance or other external sources. (3) Potential rupee amount of losses from the exposures which such an organization retains.
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US: (1) Assumption of risk of loss by means of noninsurance, self-insurance, or deductibles. Retention can be intentional or, when exposures are not identified, unintentional. (2) In reinsurance, the net amount of risk the ceding company keeps for its own account.
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MEDICAL,USA: 1. Act of keeping a portion of the premiums by the insurance company to cover administrative expenses, commissions, contributions to contingency reserves, risk charges, and taxes. See records retention . 2. In reinsurance, amount the ceding company retains.
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REINSURANCE: As per IRDA’s General Insurance-Reinsurance Regulations, 2000 “retention” means the amount which an insurer assumes for his own account. In proportionate contracts the retention may be a percentage of the policy limit. In excess of loss contracts, the retention is an amount of loss.
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The amount of any loss or combination of losses that would otherwise be payable under an insurance/reinsurance contract which the insured/reassured must bear itself before the insurer or reinsurer becomes liable to make any payment under that contract. Compare deductible and excess. An insured or reassured may be able to insure its retention with another insurer/reinsurer.
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REINSURANCE: The amount of liability the Ceding Company keeps for its account on a risk.
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REINSURANCE: The amount of risk the ceding company keeps for its own account or the account of others.
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UK: The amount retained by an insurer and not ceded to a reinsurer. In surplus treaty reinsurance the retention is referred to as a line and the capacity of the treaty is expressed as multiple of the line. In risk management the term retention, or risk retention refers to selfinsured amounts.
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UK: the maximum liability an underwriter is prepared to assume on his/her own account; the proportion of risk retained by a ceding company.
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Usually used in reinsurance, this is the amount of liability retained by an insurer and not ceded to a reinsurer. The point at which the retention is used up is said to be the attachment point for the reinsurer.
Retention (Health Insurance/Reinsurance)
In health insurance, the fraction of the premium amount which goes toward administrative costs. In reinsurance, this term refers to the amount of the insurance kept by the ceding company instead of being re-insured.