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Insurance Definition: INSURANCE POOL

By Compuquotes Team on March 27th, 2008

INSURANCE POOL:

Definition:

  • A group of insurance companies that pool assets, enabling them to provide an amount of insurance substantially more than can be provided by individual companies to ensure large risks such as nuclear power stations. Pools may be formed voluntarily or mandated by the state to cover risks that can't obtain coverage in the voluntary market such as coastal properties subject to hurricanes. (See Beach and windstorm plans; Fair access to insurance requirements plans / FAIR plans; Joint underwriting association / JUA)

Information provided by Insurance Information Institute

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