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RATE - The amount, established or reviewed by government, used to  calculate premiums to be paid on an auto insurance policy.

REGULAR INSURANCE MARKET - When the insurance business environment is operating  effectively, low-risk consumers find that auto insurance is available to them  from any insurance company and at a reasonable price.

REGULATOR - The federal, provincial or territorial government agency responsible for the control and regulation of the insurance industry under its jurisdiciton.

REINSTATEMENT - The reactivation of suspended or cancelled insurance.

REINSURANCE - Insurance purchased by an insurance  company from another insurance company (reinsurer) to provide it protection  against large losses on cases it has already insured. Essentially, insurance  for insurance companies.

RENEWAL - A certificate which attests to the fact that an insurance policy has been extended for another term.

REPLACEMENT COST - The cost of replacing property without  deduction for depreciation.

RESIDUAL MARKET - A system through which insurance is  made available to customers that represent unusually high risks.

RETURN PREMIUM - A refund to the policyholder of part of the  premium he has paid because of cancellation, rate reduction, reduction in amount of insurance, or some similar reason.

RIDER - An amendment to an insurance policy. It is used to add or  remove coverage.

RISK - A chance of loss or injury for which an insurance claim may  be submitted. For a risk to be insurable, related events that could result in a  claim must be unexpected. For example, the possibility that a visitor to a policyholder’s home will  injure himself or herself by falling on the steps is an insurable risk, because  such a fall would be unexpected. Expected losses, such as the gradual  wearing-out of clothes or the rotting of fruit, are not insurable risks.

ROBBERY - The taking of another's property by force or threat of force.