What is the Definition of Assigned Risk Plans?
Facilities through which drivers can obtain auto insurance if they are unable to buy it in the regular or voluntary market. These are the most well-known type of residual auto insurance market, which exist in every state. In an assigned risk plan, all insurers selling auto insurance in the state are assigned these drivers to insure, based on the amount of insurance they sell in the regular market. (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 Insurance?
What is the Definition of Assigned Risk Plans?
Check out other definition of insurance terms below:
What is the Meaning of LIFE INSURANCE In Insurance Terms?
Protection against the death of a policyholder in the form of a payment to a beneficiary. (See Ordinary life insurance; Term insurance; Variable life insurance; Whole life insurance)
What is the Meaning of LIMITED PAYMENT LIFE INSURANCE In Insurance Terms?
Life insurance policy with premiums that are fully paid up within a stated period of time, such as 20 years.
What is the Meaning of LIMITS In Insurance Terms?
Maximum amount of insurance that can be paid for a covered loss.
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