What is the Definition of Risk-Retention Groups?

What is the Definition of Risk-Retention Groups?

Businesses that band together to self-insure and form an organization, which is chartered and licensed as an insurer in at least one state, to handle liability insurance.

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 Risk-Retention Groups?

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


What is the meaning of Structured Settlements

periodic fixed payments to a claimant for a determinable period, or for life, for the settlement of a claim.


What is the meaning of Subrogation

situation where an insurer, on behalf of the insured, has a legal right to bring a liability suit against a third party who caused losses to the insured. Insurer maintains the right to seek reimbursement for losses incurred by insurer at the fault of a third party.


What is the meaning of Subrogation Clause

section of insurance policies giving an insurer the right to take legal action against a third party responsible for a loss to an insured for which a claim has been paid.


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