Glossary

Reinsurance wheel refers to a procedure for retroceding individual life insurance risks in excess of a reinsurer's own retention to a group of retrocessionaires (up to their subscribed limit) in rotation, the order being determined by their positions as spokes on an imaginary wheel.

Reinsured refers to an insurer that contracts with a reinsurer to share all or a portion of its losses under insurance contracts it has issued in return for a stated premium.

A reinsurer is an insurer that accepts all or part of the liabilities of the ceding company in return for a stated premium.

Reinsurer's margin refers to the "profit and administration" factor of the reinsurer, generally calculated on gross cession.

Reissuance restatement refers to a financial restatement revision that pertains to a serious, material accounting error and that therefore requires a reissuance of a past financial statement.

Related claims provisions state that if more than one claim results from a single wrongful act, and if claims are made during more than one policy period, the insured is entitled to the limit applicable when the first claim was made.

Related party insurance income (RPII) refers to premium income to an offshore insurance company from policies issued to shareholders of the company.

The related product liability exclusion is an exclusion of liability found in some architects and engineers (A&E) professional liability policies precluding coverage of claims involving products that are manufactured or designed by the insured.

Related risk refers to the risks of insureds owned by or affiliated with the owner(s) of or a participant(s) in a captive.

A release is the document relinquishing a claim.