| WORD | DESCRIPTION |
| Rated | Coverages issued at a higher than standard because of some health condition or impairment of the insured |
| Re-entry Option | An option in a renewable term life policy under which the policy owner is guaranteed at the end of the term, to be able to renew his or her coverage without evidence of insurability at a premium rate specified in the policy. |
| Reinstatement | Putting a lapsed policy back in force by producing satisfactory evidence of insurability and paying past due premiums required. |
| Renewable Term | Insurance that may be renewed for another term without evidence of insurability level term usually turns into renewable term with increasing premiums after the level premium period. |
| Replacement | A new policy written to take the place of one currently in force. |
| Representation | Statements made by applicants on their applications for insurance that they represent a s being substantially true to the best of their knowledge and belief but that are not warranted as exact in every detail. |
| Revocable Beneficiary | The beneficiary in a life insurance policy in which the owner reserves the right to revoke or change the beneficiary. Most policies are written with a revocable beneficiary. |
| Rider | An attachment to a policy that modifies its conditions by expanding or restricting benefits or excluding certain conditions from coverage. |
| Risk Selection | The method a home office underwriter uses to choose applicants that the insurance company will accept. The underwriter use to choose applicants that the insurance company will accept. The underwriter must determine whether risks are standard, substandard or preferred and set the premium rates accordingly. |
| Risk | The uncertainty associated with any event, such as the death of a person due to accident or illness. |
