Definitions for "Assigned Risk Plan"
A provision used in some states to insure automobiles of people who cannot secure insurance in the voluntary market.
Also known as the Automobile Insurance Plan, a program that covers car owners who are unable to get car insurance through traditional means.
An association of insurers in a given state in which automobile risks unable to get insurance in the voluntary market are shared among subscribing insurers in proportion to the amount of automobile liability insurance each insurer writes in that state. All companies writing this class are required to participate in this activity, currently administered by the Automobile Insurance Plans Service Office, headquartered at Johnston, RI. Also know as automobile insurance plans, these plans sometimes take the form of joint underwriting associations.