Glossary

Renewable term refers to term life insurance that may be renewed periodically without evidence of insurability but often at a higher premium.

Renewal certificate is a very limited method of policy renewal by issuing a certificate rather than by issuing a new policy.

A renewal policy is an insurance policy issued by the same insurer or insurer group to replace an expiring policy.

Rent-a-captive refers to an arrangement in which a captive insurer "rents" its facilities to an outside organization, thereby providing the benefits that captives offer without the financial commitments that captives require.

A rental captive is a captive insurance company that allows unrelated parties ("participants") to use the captive for a fee, thereby eliminating the need for formation and operation of a new company.

A rental cost reimbursement endorsement adds coverage for the cost of renting temporary replacement equipment to a contractors equipment policy that is triggered by covered damage to covered equipment.

Rental reimbursement coverage endorsement (CA 99 23) is an optional commercial auto coverage endorsement that adds coverage for an additional amount incurred for the cost of renting an auto in the event of covered damage to the covered auto.

Renters insurance, similar to homeowners insurance, covers the contents of the home, apartment, or a condo the tenant rents but does not own. It also provides personal liability and medical payments coverage.

Rents or rental value insurance is time element property insurance that pays for loss of rental income when a building that is rented out to others has been damaged by a covered cause of loss.

Repatriation is the bringing back to one's homeland, generally referring to transportation of an injured or ill employee back to his or her home country.