Retronote Plan

Definition of "Retro-note plan"

Means of financing by which some large organizations pay their property or liability insurance premiums to reflect losses actually paid during the first year of coverage, plus claims expenses, administrative and servicing expenses, and a loading for the company's profit. The insured signs a promissory note to the company for the difference in the normal or standard premium that should have been charged.

Search Real Estate Glossary

Related Real Estate Glossary terms

Dividend Scale

Dividends paid historically, currently, and projected. ...

Demolition Clause

In property insurance policies, provision that excludes the insurance company's liability for indemn ...

Inspector

Person who has the responsibility for examining the risk to determine whether or not to insure it. ...

Compensatory Damages

Same as term Civil damages Awarded: sums payable to the winning plaintiff by the losing defendant in ...

Attained Age

Insured's age at a particular point in time. For example, many term life insurance policies allow an ...

Certified Commercial Investment Member

Name given by the Realtors National Marketing Institute which is affiliated with the National Associ ...

Related Real Estate FAQ

What Is An Agent?

A person authorized to work on anothers behalf-for instance, a person authorized to sell or buy a ho ...

What Are Jumbo Mortgages?

Jumbo mortgages are mortgages larger than the limits set by Fannie Mae and Freddie Mac. A jumbo mort ...

What Are Prepayment Penalties?

A penalty fee charged for paying off a mortgage early, thus allowing banks to still make money off o ...

What Is An Amortization?

The process of paying off a loan balance. As you make payments, a certain amount is applied to the p ...

What Is A Lock In?

A lock in guarantees a certain interest rate for a certain period of time. ...

What If They No Longer Make My Specific Computer?

The insurance company will replace it with a model as close to it as possible in the current retail ...

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

Agents join here

Add our widget on your Website

Real Estate Advice

Home Prices - The Extra Costs What is the Best Time of Year to Buy a Home? Short Sale Homes Tax Breaks for the First Time Home Buyer When to buy a house

FAQ

What is a title? What do I need to know about Universal Life Insurance? What does computer insurance cover that my warranty doesn't? Should I Pay Points for a Lower Rate? What do I need to know about Homeowners Insurance?