Automobile Assigned Risk Insurance Plan
Definition of "Automobile assigned risk insurance plan"
Coverage in which individuals who cannot obtain conventional automobile liability insurance, usually because of adverse driving records, are placed in a residual insurance market. Insurance companies are assigned to write insurance for them, at higher prices, in proportion to the premiums written in a particular state. These plans protect motorists who suffer injury or property damage through the negligence of bad drivers who otherwise would not have insurance.
Popular Insurance Terms
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Of four SEC divisions that regulates the securities markets and the participants within these markets. ...
Insurance company's total premium income plus investment income. ...
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Principle that no liability exposure can result from the performance of proprietary functions. ...
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Replacement for the earlier Family Automobile Policy (FAP) with these nine basic coverages: Coverage A Liability, The company pays damages for which an insured becomes legally obligated ...
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