Glossary

Repatriation is the bringing back to one's homeland, generally referring to transportation of an injured or ill employee back to his or her home country. This coverage is sometimes added to the workers compensation policy by a manuscript foreign voluntary compensation endorsement.

Repatriation of dividends insurance is a political risk insurance that indemnifies the insured for financial loss incurred because of the inability to repatriate funds resulting from currency export restrictions.

Replacement cost is a property insurance term that refers to one of the two primary valuation methods for establishing the value of insured property for purposes of determining the amount the insurer will pay in the event of loss (the other valuation method is actual cash value (ACV)). Replacement cost is usually defined in the policy as the cost to replace the damaged property with materials of like kind and quality, without any deduction for depreciation.

The replacement ratio is a ratio used by life insurance companies to determine the amount of new insurance premium that must be developed to replace lost premium because of cancellations and policies being terminated through the payment of death benefits. The replacement ratio can be developed based on the number of new to lost policies or based on policy face amounts lost to the face amounts of new policies.

Reportable quantity (RQ) is the quantity of a hazardous substance that triggers reports under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA). If a substance exceeds its RQ, the release must be reported to the National Response Center, the State Emergency Response Commission (SERC), and community emergency coordinators for areas likely to be affected.

Reported losses are paid losses plus case reserves. It excludes incurred but not reported (IBNR) losses.

Reporting form coverage is property insurance that allows an insured with fluctuating inventory values to establish a limit of insurance adequate to cover the highest possible exposed value but to pay a premium based on the actual values exposed. Initial provisional premium is adjusted on the basis of required periodic (e.g., monthly or quarterly) reports of actual property values. The insured is penalized for late or inaccurate reports.

A reporting lag in an insurance context is the span of time between the occurrence of a claim and the date it is first reported to the insurer.

A reporting policy is an insurance policy that states premium based on the actual reported exposures. The insured must report values to the reinsurer periodically.

Repossessed autos endorsement (CA 20 19) is an automobile policy endorsement providing coverage for autos that have become the property of the financing institution because of the failure of the purchaser to comply with the terms of the financing agreement.