Rated Policy A policy for which the insured pays a higher-than-standard premium because of a higher risk due to a physical impairment, past medical condition, hazardous occupation, or a hazardous hobby. This type of policy is sometimes called an extra-risk policy.

Recurrent Disability A disability that recurs or comes back again after disappearing the first time. Disability policies may not pay income benefits for a recurrent disability unless it meets the provisions of the policy.

Remainder Interest The right to receive whatever is left over of a life estate when the life tenant, the holder of the life estate interest, dies. This remainder interest automatically either reverts back to the original owner of the property, or passes to a beneficiary known as the remainderperson.

Remainderperson One who is entitled to receive the principal of the trust when the intervening life estate(s) terminate.

Remainders Estates that take effect after the termination of a prior estate, such as a life estate.

Representative Payee An individual designated to act as guardian for a minor child's benefits. Benefit checks are made payable in the representative payee's name on behalf of the child and the representative payee must file an accounting that details how benefits have been spent.

Residual Disability The inability to perform one or more important daily job duties, or the inability to perform the usual daily job duties for the time period normally required for the performance of such duties.

Residuary Estate The assets remaining in a decedent's estate after disbursements of bequests and payment of estate debts and expenses.

Reverse Gift Technique An estate planning tool where property is transferred to the terminally ill spouse who is less affluent to provide a stepped up basis and to better utilize the dying spouse's unified credit. If the spouse dies more than one year after the transfer, the property passes back to the surviving spouse with a step-up in basis as well.