ratings: Valuations of financial stability of a company, an individual, or an organization. Insurance ratings organizations include A.M. Best, Fitch, Moody’s, and Standard & Poor’s.
Read more to view related video clips to this insurance terminology.
rated policy: Sometimes called an “extra-risk” policy, an insurance policy issued at a higher-than-standard premium rate to cover the extra risk where, for example, an insured has impaired health or a hazardous occupation.
Read more to view related video clips to this insurance terminology.
RPVA: Repetitive premium variable annuities
Read more to view related video clips to this insurance terminology.
RICO: Racketeering Influenced and Corrupt Organization act, federal legislation from 1970, written to prosecute organized-crime syndicate members, but broadened by the courts to include big business. Some policyholders have sought to sue their health insurers under the RICO act.
Read more to view related video clips to this insurance terminology.
RBC: Risk-based capital (NAIC formula)
Read more to view related video clips to this insurance terminology.
quota share reinsurance: Reinsurance wherein the insurer ceded an agreed fixed percentage of liabilities, premiums, and losses for each policy covered on a pro rata basis.
Read more to view related video clips to this insurance terminology.
qualified impairment insurance: A form of substandard or special class insurance that restricts benefits for an insured person’s particular condition.
Read more to view related video clips to this insurance terminology.
qualified annuity: An annuity that is sold as part of a tax-qualified Keogh plan or company pension plan.
Read more to view related video clips to this insurance terminology.
public adjuster: Representative hired by a policyholder to estimate damages and represent the policyholder in negotiations with an insurance company. Usually hired when there is extensive damage to a house, for example.
Read more to view related video clips to this insurance terminology.
prospective payment: Payment of a lump-sum to an institution for care of an insured person based on a predetermined amount correlated with a diagnosis.
Read more to view related video clips to this insurance terminology.