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Insurance Definition: ASSIGNED RISK PLANS

By Compuquotes Team on March 27th, 2008

ASSIGNED RISK PLANS :

Definition:

  • Facilities through which drivers can obtain auto insurance if they are unable to buy it in the regular or voluntary market. These are the most well-known type of residual auto insurance market, which exist in every state. In an assigned risk plan, all insurers selling auto insurance in the state are assigned these drivers to insure, based on the amount of insurance they sell in the regular market. (See Residual market)

Information provided by Insurance Information Institute

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