Jargon explained - R

  • Definition
    Wider cover than given under a standard property insurance policy.

    Explanation
    Used when talking about types of insurance cover.

    Standard property insurance is based on defined causes of damage.
    All risk covers any loss or damage apart from exclusions as stated in the policy.

  • Definition
    A percentage rate that allows customers to compare the interest rates that are charged on different products.

    Explanation
    Used when talking about the interest rates that apply to financial services products.

    All providers of financial products that charge interest must give the APR interest rate. APR is always worked out using the same formula, which means that it gives customers a way of comparing interest rates from one product to another.

    The APR takes account of different factors such as the interest rate, the period the payments will be made over and certain other fees.

  • Definition
    The medical conditions listed in the table below that are associated with the following pre-existing conditions: diabetes, raised blood pressure (hypertension) or undergoing monitoring as a result of Prostate Specific Antigen (PSA) test.

    We will provide cover for treatment of medical conditions that arise after you join. However, in the first two years of cover there is no cover for the treatment of pre-existing medical conditions or for treatment of specified related conditions where that pre-existing condition is one of those shown below.

    If you have the following pre-existing condition, we will not pay for treatment of the following specified related conditions:

    have been diagnosed with diabetes

    • Diabetes
    • Ischaemic heart disease
    • Cataract
    • Diabetic retinopathy
    • Diabetic renal disease
    • Arterial disease
    • Stroke are under investigation, having treatment or undergoing monitoring as a result of a Prostate Specific Antigen (PSA) test
    • Any disorder of the prostate

    Explanation
    Used when talking about medical insurance.

    Specified related conditions are usually excluded from cover if the member has one of the above pre-existing medical conditions.

  • Definition
    Routine treatment means a standard, planned treatment.

    Explanation
    Used when talking about types of medical treatment.

    Our policies generally don't cover routine follow up consultations which include:

    • regular appointments to monitor a medical condition
    • physiotherapy or similar treatment that helps to prevent a medical condition from flaring up or becoming acute
    • an annual review of a medical condition that helps to make sure that there are no side effects from ongoing treatment.

  • Definition
    The first part of a claim payment that's deducted from the claim payment by the insurer is called the excess. The effect of this is that the policyholder pays the first part of the claim themselves.

    Explanation
    Used when talking about insurance policies.

    An excess can be chosen by the customer to help reduce their premium.

    Excess is another word for deductible, although the term deductible is normally used only where the amount of the excess is quite large. Deductible tends not to be used in personal insurance polices, such as household insurance.

    Here's an example of how a rolling excess works differently to normal excesses: Ian has a rolling excess on his health insurance policy of £400. His policy starts on 1 March, but he doesn't make a claim until 1 July. Ian has to pay the first £400 of the claim himself, but once he's paid that, he doesn't have to pay another excess until 1 July next year.

  • Definition
    A service provided by brokers and insurance companies to assist their clients to identify the risks which could affect the company particularly through weakness in management systems and to minimize the risk or offset the financial dangers.

    Explanation
    Used when talking about insurance.

  • Definition
    Risk has three different meanings depending on the context it is used in. It can mean: 

    See below for explanations of each of these definitions.

    Explanation
    Used when talking about insurance.

  • Definition
    Treatment to repair damage.

    Explanation
    Used when talking about types of dental treatment.

    For example, if a member needed a filling in their tooth, this would be restorative treatment.

  • Definition
    Getting a medical insurance policyholder back to their home country for treatment if appropriate treatment is not available where they are.

    Explanation
    Used when talking about medical insurance cover for people travelling overseas.

    If a medical insurance policy includes repatriation cover, specific terms and conditions will apply.

    A related term is evacuation, which gets a medical insurance policyholder to the nearest appropriate medical facility for treatment. This might not necessarily be in their home country.

  • Definition
    A notice sent by an insurer to a policyholder to tell the policyholder that their insurance is due for renewal and to invite them to renew.

    The notice will include details of the premium for the next period of insurance.

    Explanation
    Used when talking about insurance.

    Renewal notices are sometimes called renewal invitations.

  • Definition
    Continuing to insure for another year.

    Explanation
    Used when talking about insurance.

    In general insurance, the insured and the insurer usually both have the option of not renewing the policy.

  • Definition
    A remedial treatment is treatment that aims to cure a medical condition rather than simply relieve the symptoms.

    Explanation
    Used when talking about types of dental treatment.

  • Definition
    Reinstatement has several meanings in insurance.  It can mean:

    1. making good.
    2. returning to the original sum insured following a claim.
    3. returning to the original policy where it has been allowed to lapse.

    Explanation
    Used when talking about insurance policies.

    1. Where insured property is damaged, it is usual for settlement to be made through payment of a sum of money, but a policy will often give either the insured or the insurer the option to restore or reinstate the property.
    2. Some policies reduce the amount of the sum insured by the amount of any claims during the period of insurance. If this happens, the policyholder may decide they want to reinstate the original sum insured by paying an extra premium called a reinstatement premium.
    3. If a policyholder allows their policy to lapse by not paying their premium, they may later decide they wish to reinstate their policy. Again, they would need to pay a premium called a reinstatement premium.