Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

Category: R

RELATIVE HUMIDITY

It can be defined as, a type of humidity that considers the ratio of the actual vapor pressure of the air to the saturation vapor pressure. It is usually expressed in percentage.

REMAINDER INTEREST

A lingering or remainder interest in an estate or trust despite assets being distributed properly to all beneficiaries. A remainder interest may be created based on the future needs of an estate

RENEWAL COMMISSION

Commission paid to an agent after the first year commission has been paid to that agent. Renewal commissions generally form a substantial portion of an agent’s income after four years in the

RESPONSIBILITY CENTER

The body that has control over revenue management, investment funds and expenses that works in an organisation to establish accounting procedures and practices.

RETAILER

A person or business selling goods to the public as against a person or business selling to another business.

RETURN OF CASH VALUE

The provision in an insurance policy that states if the insured dies between certain dates, the policy a face value and the cash value on the date of the death of the

RETURNS

Any m erchandise that has been sold and is then returned to the place of purchase.

REVERSE DISTRIBUTION

Reverse logistics. The practice of collecting any outdated, damaged or goods that are unsold and returning them to the manufacturere or supplier.

REVERSIONARY TRUST

An irrevocable trust in the USA that is revocable after the trustors death or after a set time period has passed.

RIGHT OF FIRST REFUSAL

A right in a contract where the seller must give the other party the chance to match the offer that a third party has given to buy a certain asset.

RISK AVOIDANCE

A risk management technique taking steps to remove a hazard, engage in different activities or to end a certain exposure to risk.

RISK PROPENSITY

The degree an entity is prepared to take a chance with the risk of a loss.

ROLE PLAYING

The art of acting out a role other than our own in a training situation.

ROOT CAUSE

The main cause for faults or failures even if more causes are evident that began with the initial cause.

ROUTE OF ENTRY

The way a substance is able to enter the body such as ingestion (mouth), inhalation (lungs) or absorption (cintact).

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