Real Dictionary

rebate
A rebate is an amount of money which is paid to you when you have paid more tax, rent, or rates than you needed to.

rebate in American English 1
a return of part of an amount paid, as for goods or services, serving as a reduction or discount
to give back (part of an amount paid)
to give rebates
intransitive verb: to allow rebates, esp. as the policy or practice of a company, store, etc
noun: a return of part of the original payment for some service or merchandise; partial refund
transitive verb: to allow as a discount

rebate in American English 2
rabbet

rebate in British English 1
noun: a refund of a fraction of the amount payable or paid, as for goods purchased in quantity; discount
verb: to deduct (a part of) a payment from (the total)

rebate in Insurance
noun: A rebate is an amount of money that is returned to you from an insurer's profits, or when you have paid too high premiums.