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Insurance Glossary

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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.

R.I.V. Policy
Reinstatement Value Policy - A standard fire and special perils policy with reinstatement value clause attached where by Building, Plant and machinery or other fixed assets are covered for their reinstatement or replacement cost enabling the insured to be indemnified in the event of loss for the cost of replacing or reinstating with property of same kind or type when new as on the date of loss. The principle of indemnity is slightly modified in the sense that the insured will be compensated for 'new' in the place of 'old'.

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.

In energy risks, the closing and sealing component on a blowout preventer

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.

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.

Rate of Exchange
Price of one currency in terms of another.

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.

Rate of Premium
The pricing factor upon which the premium payable for a particular insurance cover will be based

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")

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.

Rate per Mille
Rate of premium calculated per thousand of the Sum Insured
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