The opening clause of the policy reciting names of the parties and stating that the insured has applied for the contract of insurance. The clause is also called the ‘Preamble’.
Tag: RAW
Reckless disregard
Reckless disregard can be defined as stating something as a fact that the insured has no reliable knowledge about. The insured may state the sofa was worth $2,000 with having any true knowledge of its value. Reckless disregard ignores any potential consequences of stating a falsehood. If, on the other hand, the insured makes an innocent overestimate, the policy will not be void.
Reclamation bonds
A bond that guarantees that an institution will restore land that it has mined or otherwise altered, to its original condition.
Recognised
income or gains are said to be recognised when credit is taken for them in, for example, the life revenue account; recognised gains are not necessarily realised gains.
Recognised accountant
An individual or firm entitled to act as a recognised accountant in accordance with the Audit Arrangements Byelaw (No. 7 of 1998).
Recognised occupations
See: Approved Occupations.
Recommendations
List of suggested changes that are proposed by an inspector for assessment of the loss potential. Adoption of the recommended changes can result in lower premiums.
Recommended contribution rate
Pension scheme actuary’s recommendation as to the standard contribution rate. Usually involves adjusting the current standard contribution rate to allow for differences between the actuarial liability and the actuarial value of assets taking into account the objectives of the funding plan.
Reconditioning Charges
Charges incurred by an insured to recondition damaged cargo and so minimize a loss.
Reconsideration (recon)
1. In the Medicare program, after payment or denial of an insurance claim, this is the second level of appeal. 2. First level of appeal process for an individual applying for SSDI or SSI. It is a complete review of the claim by a medical or psychological consultant/disability examiner team who did not take part in the original disability determination.