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Quantity Discount - An insurance premium discount offered for the purchase of a policy with a bigger face amount.

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Rate - The pricing factor depends upon which the insurance policy buyer's premium is based.

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Rate per Thousand - Price per unit (or $1,000) of death advantage. Term premiums are intended by increasing the rates per thousand of death benefit, then adding the Policy Fee.

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Rated Policy - Sometimes called an "extra-risk" policy, an insurance policy subjected at a higher-than-standard insurance premium rate to cover the additional risk where, for example, an insured has damaged health or a dangerous occupation.

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Rating Territory - A geographical group in which hazards tend to balance and allow the establishment of an evenhanded rate for the territory.

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Rebating - Giving a concern, generally all or part of the commission, to the view or insured as an incentive to by or renew. Rebating is forbidden by law.

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Reduced Paid-up Insurance - A form of insurance policy obtainable as a non forfeiture option. It provides for continuance of the actual insurance plan, but for a reduced amount.

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Reinstatement - The re-establishment of a lapsed policy to in-force status. Reinstatement could occur only after the end of the grace period.

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Renew - To carry on the policy for another period of time.

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Renewable Term Insurance - Term insurance that could be renewed at the end of the term insurance, at the option of the policy owner and without proof of insurability, for a limited number of consecutive terms.

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Renewal - Continuance of insurance coverage under a policy beyond its actual term by the insurer's receipt of the premium for a new policy term.

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Replacement Form - A state-specific type, which should be completed if the candidates is replacing existing coverage.

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Replacement ratio - The percentage of income before retirement that is required to be replaced to maintain the same standard of living after retirement.

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Representative - An agent or sales representative for an insurance company.

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Reserve - The amount of money an insurance company has which, with upcoming premiums and an understood rate of interest, would pay all contractual compulsion as they fall due.

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Resident Agent - An insurance agent domiciled in the state in that he or she writes insurance.

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Restrictions - Factors affecting what actions could be taken on a insurance policy, such as ownership limit as of a divorce or tax levy.

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Rider - A special provision attached to a insurance policy, which extends or limits the benefits or else owed or keeping out some conditions from coverage.

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Risk - The compulsion assumed by the insurer when it issues a policy. The dispersal of risk across a wide base of the population, attuned for numerical probability, and the defense against disastrous loss, is the whole purpose of insurance.

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Risk Classification - A guaranteed procedure used to decide the suitable price category or Premium Rate Class of the proposed insured, according to risk factors related with that person's health state, job, lifestyle, etc.

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Rollover - The tax-free transfer of accrued assets from an eligible retirement plan to an IRA, which should be completed within 60 days of the termination of the original plan.

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