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Ransom Insurance

Insurance policies designed to pay ransoms demanded by kidnappers. Typically covers named employees for individual or aggregate amounts. Most policies require the insured to participate in any loss with percentage deductibles.

Rate Filing

How an insurance carrier arrives at a premium for a particular type of insurance policy must be on file with each state. This guarantees that certain areas or people are not denied coverage. Some states require that rates must be filed before they can be used, others are just want to be notified.


The act of marking a geographical area as unsuitable for insurance (think of a red line on a map). This is typically illegal because it is considered unfair discrimination to exclude a blighted area.


This has two meanings: 1. The restoration or continuation of an insurance policy that was cancelled or suspended for a portion of the policy period or, 2. The restarting of a policy limit after a claim. This is normally associated with fire coverage which commonly restarts the limit after it has paid out.


A new policy which replaces one that is expiring or cancelled.

Rent Coverage

This insurance coverage protects building owners against loss of income when rentals have been interrupted or rental value has been impaired by the occurrence of any of the insured perils.

Essentially this is Business Interruption insurance for the landlord. It assures continuous income while an insured building is untenantable.

Renters Insurance

Very much like a homeowners policy without the property coverage since renters do not own the building they live in. Covers liability and personal effects such as furniture and clothing. Fine art, antiques and collectibles can be added to a renters policy just like for homeowners.

Replacement Cost Coverage

This form of insurance provides coverage on the basis of full replacement cost without deduction for depreciation on any loss sustained, subject to the terms of the co-insurance clause. This coverage applies to both building and contents items as specified on the face of the policy.

No deduction is taken for depreciation in arriving at the proper amount of insurance needed to comply with the co-insurance clause.

Retroactive Date

For a claims-made policy, the retroactive date is the earliest date for which a loss will be considered. It is typically the effective date of the first year the policy was provided by an insurance carrier but can be moved with money.

Return Premium

The amount of premium that is returned to you by an insurance carrier after a policy is cancelled during the policy period.


What makes you buy insurance. It is anything you don’t want to lose or have damaged including yourself.

Risk Manager

The entity in charge of identifying, evaluating and managing the potential perils facing a risk.