Del Toro Insurance, Miami FL

Many of the terms used in the insurance business can be confusing. To help you understand some of these terms a little better, we have presented a glossary for you to browse. Please understand that specific terms and conditions apply to every insurance policy, and these terms and conditions may limit the coverage available for any given accident or loss - they may even modify the meaning of some of the terms listed here. It is very important for you to note that the precise coverage afforded is subject to applicable underwriting guidelines and to the terms, conditions and exclusions of the policies issued.

ALL - A - B - C - D - E - F - G - H - I - J - K - L - M - N - O
P - Q - R - S - T - U - V - W - X - Y - Z

R

Rate - The price of insurance for each unit of exposure. The rate is multiplied by the number of exposure units to arrive at the premium. Rates are based upon risk characteristics and the statistical calculations regarding the chance of loss.

Renewal - Continuation of an insurance contract beyond the original date of expiration.

Renewal Questionnaire - A form that asks questions to the insured about changes during the past coverage period.

Rental Reimbursement - optional coverage available to pay for a rental replacement vehicle if the insured vehicle is disabled due to a covered collision or non-theft comprehensive claim. The coverage has a per day $ limit and a limit for the number of days of coverage per covered incident. This does not provide coverage for rentals for pleasure use, just replacement.

Return Premium - A refund to the policyholder of part of the premium he/she has paid caused by cancellation, rate reduction, reduction in the amount of insurance, or similar reasons.