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What is the Definition of Insurance Pool?

What is the Definition of Insurance Pool?

A group of insurance companies that pools its assets, enabling them to provide an amount of insurance substantially more than can be provided by individual companies to ensure large risks such as nuclear power stations. Pools may be formed voluntarily or mandated by the state to insure risks that cannot be covered in the voluntary market such as coastal properties subject to hurricanes. (See Beach and windstorm plans; Fair access to insurance requirements plans/FAIR plans; Joint underwriting association/JUA)

Source: Insurance Handbook A guide to insurance: what it does and how it works |

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Annuity?

What is the Definition of Insurance Pool?

What is the Definition of Insurance Pool?

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

Meaning of Guaranteed Death Benefit in Insurance Terms

Basic death benefits guaranteed under variable annuity contracts.

Meaning of Guaranteed  Insurability (Gi) Benefit in Insurance Terms

A supplementary life insurance policy benefit often provided through a policy rider that gives the policy owner the right to purchase additional insurance of the same type as the life insurance policy that provides the GI benefit on specified option dates. Also known as guaranteed insurability option (GIO).

Meaning of Guaranteed Living Benefit in Insurance Terms

A guarantee in a variable annuity that a certain level of annuity payment will be maintained. Serves as a protection against investment risks. Several types exists.

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