Restoration Premium

Definition of "Restoration premium"

Sum that an insurance company charges a business firm to restore a property or liability insurance policy, or a bond, to its initial face value after the insurance company has paid a claim either to the insured business or to a third party on behalf of the insured business.

Search Real Estate Glossary

Related Real Estate Glossary terms

Hatchway

An opening with a hinged cover allowing access from one level to another in a structure. Often insta ...

Contingent Liability (vicarious Liability)

Liability incurred by a business for acts other than those of its own employees. This particular sit ...

Deferred Compensation Plan

Means of supplementing an executive's retirement benefits by deferring a portion of his or her curre ...

Rebuttable Presumption

'Disputable' presumption that is subject to rebuttal based on evidence. However, the presumption pr ...

Divisible Surplus

Proportion of an insurance company's total surplus at the end of each year's operation that is distr ...

Party

Individual or entity who enters into a contract or other legal proceeding, such as a lawsuit. ...

Related Real Estate FAQ

What Is Title Insurance?

Title insurance is insurance that protects the lender and buyer against any losses incurred from dis ...

What Is A Convertible ARM?

A convertible ARM is an adjustable- rate mortgage (ARM) that can be converted into a fixed rate mort ...

What Is A VA Loan?

A VA loan is a type of loan available to veterans and guaranteed by the Department of Veterans\' Aff ...

What Is A Proration?

A proration is the division of certain fees. If the sellers have paid the taxes six months in advanc ...

What Is A Point?

A point is equal to 1 percent of a loan amount. Lenders charge points in exchange for lowering the i ...

What Happens When You Prequalify?

When you are prequalified, the lender gives you an estimate but does not formally commit to giving y ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews

Agents join here

Add our widget on your Website

Real Estate Advice

Real Estate Open House - The Dos and Don When to buy a house What is Hazard Insurance? How To Get A Loan with Bad Credit Why Use a Real Estate Agent?

FAQ

What is PITI and what does it stand for? What is an easement? What is a home warranty? How can I figure out my debt-to-income ratio? What is a gated community?