NOTE:  All definition are from the Insurance Bureau of Canada


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.

  • We came back from London last Thursday night. Our daughter Anna had settled in London now and very anxious about her new school life. I want to thank you for introducing Fred to us for Anna's insurance. He was super helpful (day and night) that made me feel so easy to get things going as we travel.