reinsurer: An insurance company that assumes risk initially assumed by another insurer
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Category: Glossary
reinsurance utilization: The ratio of reinsurance ceded to gross premiums written.
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Reinsurance – insurance term definition
reinsurance: Acceptance by one insurer (the reinsurer) of all or part of the risk or loss underwritten by another insurer (the ceding insurer).
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reinstatement: The restoration of a lapsed policy to full force and effect. The company requires evidence of insurability and payment of past due premiums plus interest.
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rehabilitation: Process and goal of restoring disabled persons to maximum physical, mental, and vocational independence and productivity (commensurate with their limitations). Rehabilitation is achieved by identifying and developing residual capabilities, job modification, or retraining. A “rehabilitation provision” appears in some long-term disability policies; this provides for continuation of benefits or other financial assistance during the rehabilitation period.
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reduced paid-up insurance: A form of insurance available as a non-forfeiture option. It provides for continuation of the original insurance plan but for a reduced amount.
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Redlining – insurance term definition
redlining: Refusal by an insurance company to sell policies in a given geographic area — specifically, minority or poor areas. The practice of redlining is discriminatory and illegal.
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recurring claim provision: A provision in some health insurance policies that specifies a length of time during which the recurrence of a condition is considered to be a continuation of a previous period of disability or hospital confinement.
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recurrent disability: The recurrent disability insurance provision is designed to protect an employee who tries to return to work but becomes disabled again from the same or a related cause. If this happens within a certain period of time, the employee will be considered disabled from the original disability, and will not be subject to a new elimination period. This encourages an employee to return to work without fear of losing benefits.
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reasonable and customary charge: Amounts charged by health care providers that are consistent with charges from similar providers for identical or similar services in a given locale.
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