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REQUIRED ANNUAL PREMIUM (RAP)
The minimum amount you need to pay each year during the required premium period
specified in your policy. The RAP must be received by Transamerica by the policy
anniversary each year. If it is not, the policy will enter a grace period.
With certain limitations, you may pay future years' RAPs in advance of the due dates.
REGISTERED REPRESENTATIVE
A person who is licensed with the National Association of Securities Dealers and who
is engaged either in selling securities as the agent or representative of a broker-dealer.
REINSTATEMENT
The process by which a life insurance company puts back in force a policy that had lapsed.
REINSURANCE
A transaction between two insurance companies in which one company purchases
insurance from the other to cover part or all of the risks that the first company
does not wish to retain in full.
RENEWAL PREMIUMS
Premiums payable after the initial premium.
RENEWAL PROVISION
An individual life insurance policy provision that gives the policyowner the
right to continue the insurance coverage at the end of the specified term without
submitting evidence of continued insurability.
REQUIRED PREMIUM PERIOD
The time period during which you need to make RAP payments.
RISK CLASS
A group of insureds who present a substantially similar risk to the insurance company.
Among the most common risk classes used by life insurance companies
are standard, preferred, nonsmoker, smoker, substandard and uninsurable.
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