US: (1) Restoration of a totally disabled person to a meaningful occupation, (2) a provision in some long- term disability policies that provides for continuation of benefits or other financial assistance while a totally disabled insured is retraining or attempting to resume productive employment.
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Process by which a disable person is aided to recover maximum effective function in all personal activities.
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UK: Restoring the physical and/or mental capabilities of an injured person through counselling, therapy or education. The aim is to return that person to a normal way of life or an early return to work, or rehabilitate them in a new earning capacity. Some liability insurers provide claimants with early access to rehabilitation services without prejudice to their position on liability.
Tag: US
Reinsurance assumed
That portion of a risk that a reinsurer accepts from an original insurer (also known as a “primary” insurer) in return for a stated premium.
Reinsurance ceded
That portion of a risk that an original insurer (also known as a “primary” insurer) transfers to a reinsurer in return for a stated premium.
Renter’s Policy
A package type of insurance that includes coverage similar to a homeowner’s policy to cover the personal property of a renter or tenant in a building.
Reservation of Rights
An arrangement whereby an insurer defends a case without commitment to provide coverage in the event that the facts disclosed during the trial reveal that the occurrence is not covered.
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An arrangement in which an insurer agrees to proceed with the defense of a case without commitment to provide coverage, in the event that the facts disclosed during the trial reveal that the occurrence is not covered.
Reserve
US:(1) an amount representing liabilities kept by an insurer to provide for future commitments under policies outstanding. (2) An amount allocated for a special purpose. Note that a reserve is usually a liability and not an extra fund.
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A sum set aside by a company to fulfill future claims.
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UK: an amount built up in the early years of a group of policies, when the level of premiums is greater than required to meet claims, expenses etc, and used to pay claims in later years when the premiums are less than required; often also referred to as a provision (see technical provisions and equalisation provision).
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US: An amount of money earmarked for a specific purpose. Insurers establish unearned premium reserves and loss reserves indicated on their balance sheets. Unearned premium reserves show the aggregate amount of premiums that would be returned to policyholders if all policies were canceled on the date the balance sheet was prepared. Loss reserves are estimates of outstanding losses, loss adjustment expenses (LAEs), and other related items. Self-insured organizations also maintain loss reserves.
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REINSURANCE: An amount which is established to provide for payment of a future obligation.
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MEDICAL,USA: Funds set aside and designated for future financial liabilities for life or health insurance such as to meet the difference between future benefits and future premiums. Also called prospective reserve or policy reserve . See policy reserve .
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Funds set aside for the purpose of meeting obligations as they fall due.
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The amount kept by the insurer to be able to cover all his or her debts. This term can also refer to an amount earmarked by the insurer for a specific purpose.
Revocable Trust
A trust that can be terminated or revoked by its creator.