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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