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Rate per Mille
Rate of premium calculated per thousand of the sum insured.
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Rate on Line
In relation to excess of loss reinsurance, refers to the premium for the excess of loss cover expressed as a percentage of the limit of the excess of loss cover for any one event of loss.
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Rate on GNPI
In relation to excess of loss reinsurance, refers to the premium for the excess of loss cover expressed as a percentage of the Gross Net Premium Income. (See " Gross Net Premium Income")
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Rate of Premium
The pricing factor upon which the premium payable for a particular insurance cover will be based
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Rate of Gross Profit
Gross profit expressed as a percentage of the turnover. In relation to
Consequential Loss policy, refers to the rate of gross profit earned on the turnover during the financial year immediately before the date of loss suitably adjusted to provide for trend of the business.
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Rate of Exchange
Price of one currency in terms of another.
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Ram Blowout Preventor
In energy risks, a blowout preventer that uses rams to seal off pressure on a hole that is with or without pipe. It is also called a ram preventer.
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Ram
In energy risks, the closing and sealing component on a blowout preventer
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Ratable proportion of Loss
The term relates to treatment of a claim for a loss which is insured under more than one policy. In such a situation settlement will be made each insurer for only his share of the loss, which will be that proportion that the sum insured under his policy will bear to the cumulative sum insured under all the policies involved.
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R.C.Book
Registration certificate of a vehicle confirming ownership of the vehicle. This document indicates insurable interest on the part of the proposer of insurance. This is verified by the surveyor/insurer in case of a road accident claim pertaining to the insured vehicle.
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Rate Guide
Company manual or prospectus furnishing premium rates for various insurance covers as relating to person, property and peril. This will furnish rates for all insurance policies other than those which are subject to tariff rates. (See Tariff Rate).
The manual is mainly intended for agents who solicit business and will also contain guidelines for their business procurement.
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Rural Sector
“Rural Sector” means such areas which are administered under Gram Panchayats;
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Retail product
“Retail product” is an insurance product designed for individuals or households as also for micro or small businesses.
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Retention
'Retention' means the portion of the risk, which an Insurer assumes for its own account
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Retrocession
‘Retrocession' means a re-insurance transaction whereby a part of assumed reinsured risk is further ceded to another Insurer or an IIO or a CBR
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Reinsurance Broker
“Reinsurance Broker” means an Insurance Broker, registered by the Authority who for a remuneration and/or a Fee, solicits and arranges re-insurance for its clients with insurers and/or reinsurers located in India and/or abroad; and/or provides claims consultancy, Risk Management services or other similar services, permitted by IRDAI
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Regulatory Sandbox
"Regulatory Sandbox" means an environment used in the financial services sector, which provides testing ground for new business models, processes and applications that may not necessarily be covered fully by or are not fully compliant with existing Regulations;
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Rural Authorized Person
“Rural Authorized Person" (RAP) is an individual Village Level Entrepreneur (VLE) and has successfully completed training, examination and certification by the examination agency, as specified by the IRDAI