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A radioactive gas found in some homes that in sufficient concentrations can cause health problems.


A strip of land six miles wide, extending north and south and numbered east and west according to its distance from the principal meridian in the rectangular attached thereto, whether by nature or by person.


The per-unit cost of insurance.

Rate-Improvement Mortgage

A fixed-rate mortgage that includes a provision that gives the borrower a one-time option to reduce the interest rate (without refinancing) during the early years of the mortgage term.

Rate Lock

A commitment issued by a lender to a borrower or other mortgage originator guaranteeing a specified interest rate for a specified period of time. See lock-in.


A policy issued with an extra premium charge because of physical impairment or dangerous hobby. A surcharge added to the rate per unit on Life insurance. For example, the standard rate for a 30 year old buying Whole life might be $10 per thousand, but due to his/her health, the insurer adds a surcharge of $2 per thousand, so his/her cost per unit is $12 instead of $10, so his/her premium for a $100,000 policy is $1,200 instead of $1,000.

Rated-Up Policy

A policy issued to an applicant that reflects a higher rate, due to the presence of a greater risk, in the eyes of the underwriter. Rated-up policies often result from substandard health revealed in a medical examination or dangerous hobbies or occupations. See the two definitions immediately above.

Rates and Premiums, Setting

The chance of loss for risk is a combination of the probable frequency of loss and the probable severity of loss, based on accumulated data for similar risks. In the absence of reasonably accurate projections of potential losses, insurance companies would have no basis for setting rates and premiums.

Ready, Willing and Able Buyer

One who is prepared to buy property on the seller’s terms and is ready to take possible steps to consummate the transaction.

Real Estate

A portion of the earth’s surface extending downward to the center of the earth and upward infinitely into space, including all things permanently attached thereto, whether by nature or by a person.

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