Definitions for "Assigned Risk"
Related Terms:
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A risk that underwriters do not care to insure but are nonetheless assigned by the state because state law requires the insured be protected.
A risk not be generally acceptable to any insurance company but for which the law says that insurance must be acquired. Personal auto liability is one such necessary coverage. Insurance companies doing personal auto business in a state can be required to accept assignment of a portion of the state's unacceptable drivers as insureds.
special plans which are created to provide auto and workers compensation insurance for individuals unable to obtain same in the voluntary market.
A program administered by the state to guarantee the availability of insurance to those not ordinarily acceptable to insurers. This is sometimes referred to as the residual market.
A driver or owner who cannot qualify for insurance in the regular market. He/she must get coverage through a state assigned risk plan which specifies that each company must accept a proportionate share of high risk applicants. Premiums are usually higher and coverage is restricted.
A type of insurance that insurance companies handle only because state law requires it. The insured is usually a poor risk and typically is charged higher premiums because of it.
A risk not normally accepted by insurance providers but under state law they must be acquired.
See Automobile Insurance Plan.
An insured whose insurance is provided through an assigned risk pool or plan.
An uninsurable individual or company that is assigned an insurance company from a pool of insurers on the amount of insurance they sell in the regular market (usually all that hold certificates of authority in a specific state). Although the company must accept the risk, it may charge an appropriate premium. See Residual market
A risk that is not usually acceptable to insurers, and is therefore assigned to insurers in an assigned risk pool, who then agree to share the responsibility of these risks.
A risk which is not ordinarily acceptable to insurers and which is, therefore, assigned to insurers participating in an assigned risk pool or plan. Each participating company agrees to accept its share of These risks. (G)
A poor risk that an insurance company is compelled to cover under state laws.
If an applicant for auto insurance cannot find a company able to insure him or her voluntarily, the applicant can use this alternative marketplace in which the state assigns him/her to an insurance company doing business in that state.
A risk which is assigned to a pool of participating insurers who agree to accept either the profit or loss associated with the risk.
A risk assigned to insurers by law, which they may not otherwise accept.
A risk insured through a pool of insurers and assigned to a specific insurer. These risks are generally considered undesirable by underwriters, but due to state law or otherwise, they must be insured.
Term used to designate an insurance that insurers generally are unwilling to accept of their own free choice but are compelled to accept by law or agreement (U.S.).
A risk not ordinarily acceptable to insurers which is, according to state law, assigned to insurers participating in a plan in which the insurers agree to accept their share of these risks. Get Free Quotes Now! Annuity Auto Insurance Disability Group Health Homeowners Insurance Individual Health Life Insurance Long Term Care Renters Insurance
This is the term for a person whose official driving record lists so many tickets and other signs of bad driving, that commercial auto insurance is not available to them, and they must instead join a special insurance program for risky drivers.
This is a type of risk which is assigned to the insurers participating in the insurance plan. Here the insurers agrees to share the risks of their insurance plan
A risk which underwriters do not care to insure, but because of state law or otherwise, the insured must be protected and the insurance is therefore handled through the state, or a bureau and assigned to companies.
A risk that has been declined by one or more companies. Such a risk may be assigned to designated companies by a recognized authority. The operation is called an assigned risk plan.