Dictionary

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Reversion

The remnant of an estate that the grantor holds after he or she had granted a life estate to another person, the estate will return or revert to the grantor, also called a reverter.

Reversionary Interest

See Reversion.

Reversionary Right

An owners right to regain possession of leased property on termination of the lease agreement.

Revocation

Termination of licensure privileges for cause.

Revolving Liability

A credit arrangement, such as a credit card, that allows a customer to borrow against a preapproved line of credit when purchasing goods and services. The borrower is billed for the amount that is actually borrowed plus any interest due.

Rider

See Endorsement.

Rider

A form attached to a policy that modifies the conditions of the policy by expanding or decreasing its benefits or excluding certain conditions from coverage. Also known as an “endorsement.” Most riders cost extra, but the additional premium paid does not go towards cash value accumulation. Most riders (such as double indemnity) will drop off a Life policy automatically at age 65. Most riders are added at policy issue, but they may also be added later on with the mutual consent of the parties.

Right of First Refusal

A provision in an agreement that requires the owner of a property to give another party the first opportunity to purchase or lease the property before he or she offers it for sale or lease to others.

Right of Ingress or Egress

The right to enter or leave designated premises.

Right of Survivorship

In joint tenancy, the right of survivors to acquire the interest of a deceased joint tenant.