Glossary

A residential wrap-up is a controlled insurance program implemented for a condominium or other residential development project primarily to provide commercial general liability (CGL) and umbrella/excess liability insurance for the contractors.

A resident agent is domiciled in the state in which he or she conducts his or her business activities.

A residual market is an insurance market systems for various lines of coverage (most often workers compensation, personal automobile liability, and property insurance). It serves as a coverage source of last resort for firms and individuals who have been rejected by voluntary market insurers.

A residual market load (RML) is a a factor insurers apply to workers compensation policies to recover costs assessed them by states for deficits in the residual markets.

Residual value insurance guarantees the owner of leased personal property (e.g., autos or equipment) a particular value at a specified future date, usually the termination of the lease.

The Resource Conservation and Recovery Act (RCRA) of 1976 is a federal act regulating the handling of hazardous waste from its generation to disposal.

Respite care is temporary care provided in a nursing home, hospice inpatient facility, or hospital to allow a family member or friend who is the patient's caregiver time to rest or take time off.

Respondeat superior is a Latin phrase meaning "let the superior make answer." It is a legal doctrine under which an employer can be held liable for the actions of employees.

Response action is a generic term for actions taken in response to actual or potential health-threatening environmental events, such as spills, sudden releases, and asbestos abatement/management problems.

The party that is responsible for funding a claim payment to an individual eligible for Medicare benefits is considered the responsible reporting entity under the provisions of the Medicare, Medicaid, and SCHIP Extension Act (MMSEA) of 2007.