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Dictionary of Financial Terms - R

The pricing factor upon which an insurance premium is based, it is the cost of a given unit of insurance.

Rate Review
Used in group insurance to describe the review of premium rate at the end of a rate guarantee period.

Describes coverage issued at a higher rate than standard, usually due to impairment of the insured life.

Received Date
The date the contribution was credited to the account by the Charitable Gift Fund for tax purposes.

For all our mortgages, if you pay off the whole or any part of the loan before the end of the mortgage term, you will have to pay a redemption charge. This will be the amount specific to the mortgage product specified on the relevant web page and in our brochures. There will also be an Administration fee at redemption. If you decide to redeem your Standard Variable Rate mortgage, you would only pay an administration fee. Fees applied in addition to any interest charges at the time the mortgage is redeemed are charged to cover our reasonable administration costs. These include retrieving and checking the Deeds and Documents, formal sealing, recording of documents sealed and secure postage. (Please note that with some products, for example the Base Rate Tracker products, certain specific criteria apply allowing part repayment without a charge.)

Redemption amounts
The amount that would be redeemed if you held the assets for their full term - to their redemption date.

Redemption penalties
If you want to pay off your mortgage early, you may have to pay a fee during the early years of the loan. The fee may be equivalent to a certain number of months' interest, or it could be a percentage of the loan. Some lenders only charge a redemption penalty during the time of the special deal they offer. Others may tie you in for a number of years afterwards. If you think you may want to repay early, check what conditions apply before you decide which type of mortgage you want

Redemption yield
An estimate of the total long term returns, including income and capital, on fixed income investments like corporate bonds and gilts.

Redundancy protection insurance
Insurance that continues to meet mortgage payments, usually for a limited period, if you are made redundant.

The practice whereby one insurer transfers part or all of the risk it has accepted to another insurer (the reinsurer).

This is when you switch your mortgage from your current lender to another one. You take out a new mortgage to repay your current one. You may be able to get a better rate that saves you money.

Renewable Term Insurance
Term insurance providing the right to renew at the end of the term, without evidence of insurability. The premium rates may increase at each renewal as the age of the insured is increasing.

An agreement to continue insurance beyond any original term. For group insurance it is often used to refer to the annual update of membership details and production of annual accounts.

Repayment (Capital & Interest) method
One of two ways used to pay off your mortgage, the other being the Interest only method. Your monthly payments are used not only to pay the interest on your borrowings but also a proportion of the actual amount borrowed. At the end of the term, both the borrowing and interest on this borrowing would have been paid in full.

Repayment Mortgage
Your monthly payments are partly to pay the interest on the amount you borrowed, and partly to repay the amount you borrowed. At the end of the mortgage, the capital and the interest is all completely repaid. It is also known as a capital and interest mortgage

Repayment plan
A schedule you agree with us for repaying your One account borrowings over the mortgage term. Your monthly One account statement will help you to keep track of whether you are ahead or behind your repayment plan.

This is when a borrower fails to pay back their loan in accordance with the Terms and Conditions of that loan and the lender exercises their legal charge over the borrower's property by taking legal ownership.

Termination of an insurance contract by the insurer on the grounds of mis-statement by the insured.

The sum set aside by an insurance company as a liability to fulfil future obligations.

Restricted Funds
Grants which are made for a clearly specified purpose and can be used for none other.

The amount of risk retained by an insurance company and not reinsured. Also used in reference to the portion of premium that is used by the insurance company for administration costs.

A process by which a reinsurer obtains reinsurance from another company.

Reversionary bonus
A bonus added to the value of your With Profits policy each year.

An amendment to an insurance policy that modifies the policy by expanding or restricting its benefits or excluding certain conditions from coverage.
Rights Issue
A means whereby a company may raise capital from its own shareholders. It does this by offering additional newly-issued shares to the shareholders at a discount on the price at which they will later be offered to the public, usually on the basis of a certain amount of new shares for every old share held. Most rights issues are handled by investment bankers who also underwrite the issue by agreeing to buy any of the newly-issued shares which are not taken up by shareholders.

Running yield
An estimate of the annual rate of interest paid out by fixed income investments like corporate bonds and gilts. It doesn't take into account any increases or decreases in the capital value of the investment.

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