What is the Definition of Residual Market?
What is the Definition of Residual Market?
Facilities, such as assigned risk plans and FAIR Plans, that exist to provide coverage for those who cannot get it in the regular market. Insurers doing business in a given state generally must participate in these pools. For this reason the residual market is also known as the shared 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 Residual Market?
You can find random definition and meaning of insurance terms below:
What is the meaning of Underwriting Risk
section of the risk-based capital formula calculating requirements for reserves and premiums.
What is the meaning of Unearned Premium
amount of premium for which payment has been made by the policyholder but coverage has not yet been provided.
What is the meaning of Unearned Premium Reserve
all premiums (fees) received for coverage extending beyond the statement date; appears as a liability on the balance sheet.
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