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Glosary of Life Insurance Terms

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Coverages issued at a higher rate than standard because of impairment of the insured. Usually used as an adjective in such expressions as "rated risk," "rated policy," and "rated up."
Rated Up
See Rated.
Readjustment Income
(1) The income needed after the death or disability of a wage earner to allow the family time to adjust to a new, lower standard of spending.
(2) The insurance coverage that provides readjustment income.
Recurrent Disability
Disability resulting from the same or a related cause as a prior disability.
Reduced Paid-Up Insurance
A form of insurance available as a nonforfeiture option. It provides that the cash value of the policy be used as a single premium to purchase paid-up insurance in whatever amount the cash value will provide, which will be less than the original face amount in most cases. See also Nonforfeiture values.
A record of all policies charged to a debit account.
Renewable Term
Term Insurance that may be renewed for another term without evidence of insurability.
The automatic reestablishment of in-force status effected by the payment of another premium.
Retirement Annuity
A form of annuity contract that is entered into before a selected retirement age with the consideration paid in installments until that age is reached. It is a form of deferred annuity.
Retirement Income Policy
An adaptation of an endowment at a selected retirement age in which the annuity benefit is a percentage of the face amount of Life Insurance in force prior to retirement age, usually 10%; e.g., for each $1000 of insurance a $10 per month annuity installment is payable. Under this type of policy, the cash value will exceed the face amount in the later policy years, and if death occurs before the selected retirement age, the death benefit would be the face amount or the cash value, whichever is greater.
Retroactive Conversion
The conversion of a Term Life Insurance policy to a Cash Value form as of the original date of issue of the Term policy, rather than as of the time the conversion is made. In other words, the Cash Value policy will have already attained the age of the former Term policy.
Return of Cash Value
A provision or rider on a Life Insurance policy that states that if death occurs during a certain period of years (often 20), the policy will pay an amount, in addition to the face amount, that is equal to the cash value of the policy as of the date of death.This is really a form of Increasing Term Insurance and is used as a sales tool.
Return of Premium
A rider on a Life Insurance policy providing that, in the event of the death of the insured within a specified period of time, the policy will pay, in addition to the face amount, an amount equal to the sum of all premiums paid to date. This is a form of Increasing Term Insurance and is used as a sales tool.
Revocable Beneficiary
The beneficiary in a Life Insurance policy in which the owner reserves the right to revoke or change the beneficiary.
Risk Appraiser
An employee of a Life insurer who screens the applications submitted. He may accept an applicant, reject him, or propose an alternative policy or premium.
Risk Premium Insurance
See Yearly Renewable Term.

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