RELEASE:
A signed document accepting settlement for a loss.
REINSTATEMENT AND/OR REPLACEMENT:
This is a method of insuring property on a “new for old” basis. In the event of a physical loss or destruction of property insured under these conditions, settlement would be based on the cost of replacing the property or restoring the damage in new materials without any deduction for depreciation.
RENEWAL:
The reinstatement of a Contract of Insurance for a further period of insurance.
RENEWAL NOTICE:
The notice given by the Insurer to the Insured informing the Insured that the Contract of Insurance is due to expire on a given date.
RETAIL CLIENT:
A client where the supply of the retail product is to an individual or a small business (ie A business which employs less than 100 people if it manufactures goods or otherwise if it employs less than 20 people).
RETAIL PRODUCT:
A financial product falling into one or either of the following categories:
- motor vehicle Policies
- home building and/or home contents Policies
- sickness & accident Policies
- consumer credit Policies
- travel Policies
- personal & domestic product Policies
- any other Policies as may be prescribed by the FSR
RISK:
The potential loss the Insured may have through the loss or damage to their assets or liabilities to others.