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Insurance Definition: FAIR ACCESS TO INSURANCE REQUIREMENTS PLANS

By Compuquotes Team on March 27th, 2008

FAIR ACCESS TO INSURANCE REQUIREMENTS PLANS / FAIR PLANS:

Definition:

  • Insurance pools that sell property insurance to people who can't buy it in the voluntary market because of high risk over which they may have no control. FAIR Plans, which exist in 28 states and the District of Columbia, insure fire, vandalism, riot, and windstorm losses, and some sell homeowners insurance which includes liability. Plans vary by state, but all require property insurers licensed in a state to participate in the pool and share in the profits and losses. (See Residual market)

Information provided by Insurance Information Institute

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