What is the Definition of Fair Access To Insurance Requirements Plans/ Fair Plans?

What is the Definition of Fair Access To Insurance Requirements Plans/ Fair Plans?

Insurance pools that sell property insurance to people who can’t buy it in the voluntary market because of high risk over which they may have no control. FAIR Plans, which exist in 28 states and the District of Columbia, insure fire, vandalism, riot and windstorm losses, and some sell homeowners insurance which includes liability. Plans vary by state, but all require property insurers licensed in a state to participate in the pool and share in the profits and losses. (See Residual market)

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Annuity?

What is the Definition of Fair Access To Insurance Requirements Plans/ Fair Plans?

What is the Definition of Fair Access To Insurance Requirements Plans/ Fair Plans?

You can find random definition and meaning of insurance terms below:


Meaning of Rollover in Insurance Terms

A direct transfer of retirement funds from one qualified plan to another plan of the same type or to an individual retirement arrangement (IRA) that does not pass through the hands of the owner and thus does not incur any tax liability for the owner. Also known as direct rollover and direct transfer.


Meaning of S Salvage in Insurance Terms

Damaged property an insurer takes over to reduce its loss after paying a claim. Insurers receive salvage rights over property on which they have paid claims, such as badly damaged cars. Insurers that paid claims on cargoes lost at sea now have the right to recover sunken treasures. Salvage charges are the costs associated with recovering that property.


Meaning of Section 1035 Exchange in Insurance Terms

In the United States, a taxfree replacement of an insurance policy for another insurance contract covering the same person that is performed in accordance with the conditions of Section 1035 of the Internal Revenue Code.


Thank you for visiting our website and read this FAQ article about "What is the Definition of Fair Access To Insurance Requirements Plans/ Fair Plans?". We hope you get what you searching for.

definitionly.com is a website that contains information about the definition or meaning of a word. You can search for the terms you are looking for in the search field above.

Related Posts

Subscribe Our Newsletter