🔄Reinsurance

Insurance purchased by insurers to transfer risk.

🔄Renewal

The continuation of a policy for another term.

🏢Renters Insurance

Coverage for personal property and liability in a rented home.

🏦Reserves

Funds set aside by insurers to pay future claims.

🔄Residual Market

A market providing coverage for high-risk or hard-to-insure parties.

🔒Retention

The amount of risk an insurer keeps for its own account.

🔙Retrospective Rating

A premium calculation adjusted after the policy period based on losses.

➕Rider

An add-on to a policy that modifies or extends coverage.

⚠️Risk

The possibility of loss or harm that can be insured against.

🧺Risk Pooling

Spreading risk across many individuals to reduce impact.

🔒Risk Retention

Accepting and financing risk internally rather than insuring it.

👥Risk Retention Group

A liability insurance company owned by its members.

🔄Risk Transfer

Shifting the financial consequences of risk to another party.

🏦Risk-Based Capital

Capital requirements tied to the risk profile of an insurer.

📋Schedule Rating

Adjusting premiums based on specific risk characteristics.

🏦Self-Insurance

Setting aside funds to cover potential losses instead of buying insurance.

📊Sliding Scale Commission

A reinsurance commission that varies with loss experience.

🧱Solvency

An insurer's ability to meet its long-term obligations.

📜Solvency II

A European regulatory framework for insurance capital requirements.

📈Solvency Ratio

A measure of an insurer's financial strength.

🔽Sub-Limit

A lower coverage cap for specific types of claims.

⚖️Subrogation

The insurer's right to recover costs from a third party at fault.

📜Surety Bond

A bond guaranteeing performance of a contract or obligation.

➕Surplus Share

Reinsurance covering amounts above a retention per risk.

🕌Takaful

A cooperative insurance system compliant with Islamic principles.

⏳Term Life Insurance

Coverage that pays beneficiaries if the insured dies within a set term.

💣Terrorism Insurance

Coverage for losses caused by terrorist acts.

👥Third Party

A person or entity other than the insurer and policyholder involved in a claim.

💳Trade Credit Insurance

Coverage protecting businesses from nonpayment by customers.

✈️Travel Insurance

Coverage for trip cancellation, medical costs, and lost luggage.