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Insurance Definition: RESIDUAL MARKET

By Compuquotes Team on March 27th, 2008

RESIDUAL MARKET:

Definition:

  • 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.

Information provided by Insurance Information Institute

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