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Insurance Definition: RESIDUAL MARKET


By Compuquotes team on March 19th, 2008
category:

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