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Insurance Terms: Q
- Qualified Annuity is a form of an annuity purchased with pretax dollars as a part of a retirement plan benefiting from a special tax arrangement like a 401(k) plan.
- Qualified High-Deductible Health Plans are health plan with lower premiums that cover expenses after the insured has met the large deductible for out of pocket health care costs. High-deductible plans may also be called catastrophic medical plans.
- Qualifying Event is an occurrence that triggers insurance coverage, generally the event leading to a claim.
- Quick Assets are those assets which can be converted quickly into actual cash.
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Insurance Terms: R
- Rate is the cost of a unit of insurance. Typically calculated on the per $1,000. The rates are established from historical losses on similar risks and are often regulated by state.
- Rate Regulation is the process states have in place to monitor insurance companies’ rate changes. Usually regulations are handled by prior approval or open competition models.
- Recreational Vehicles (RV) A motor home or an RV is a huge investment it is important to to consider specialty insurance specifically designed to cover RV’s.
- Reinstatement is the process of having an insurance company puts back into force an insurance policy. Reinstatement generally happen because a policy has been terminated for nonpayment of premiums.
- Reinsurance is the insurance purchased by insurers and insurance companies. The reinsurer assumes part of the risk and part of the premiums collected. Reinsurers don’t pay claims to the actual policyholders; they reimburse original insurers or insurance company for any claims paid.
- Renters Insurance is a form of insurance covering personal property against perils such as fire, theft, windstorm, hail, explosion, vandalism, riots, and others. Renters Insurance will also provide personal liability coverage, loss-of-use coverage and may include coverage for property improvements. Personal property can be insured for replacement cost or the actual cash value.
- Replacement Cost is insurance coverage that will pay to replace damaged personal property at the price it is today without depreciation the way actual cash value would pay.
- Rider is an attachment or amendment to an insurance policy altering the coverage or terms of the coverage in some way. Also known as an endorsement.
- Risk is the chance there will be a loss or a person or entity that is covered on the insurance policy.
- Risk Management is the management of the risks a business or person is exposed to. Risk management looks at the exposed risks and analyzes the exposures to consider the chance of loss and decide which options to put into place in order manage or minimize loss. Risk Management Options include:
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Glossary of Insurance Terms:
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