An assigned risk plan, joint underwriting association or any similar mechanism designed to make coverages available to those unable to obtain them in the voluntary markets.
A collective term that defines the consumers who are generally unable to purchase insurance in the voluntary market.
The residual market consists of facilities to provide coverage for consumers or businesses that cannot purchase insurance in the regular market. Some examples of residual market facilities are Assigned Risk Plans, Joint Underwriting Agreements, and FAIR plans.
A system through which insurance is made available to buyers that represent unusually high risks.
A general term describing the total of all consumers who have had difficulty purchasing insurance through normal channels. Automobile Insurance Plans, FAIR Plans, Reinsurance Facilities and Joint Underwriting Associations all service this market.
Workers' Compensation written through an Assigned Risk Plan.
Workers' comp written through an assigned risk plan.
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.
A source of insurance available to applicants who are unable to obtain insurance through ordinary methods in the voluntary market. (See: Automobile Insurance Plan, Joint Underwriting Association).
