Facility Plan
Definition of "Facility plan"
Same as term 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
Exceptions and limitations of coverage; that is, the maximum amount of insurance coverage available under a policy. ...
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recipient. insurance company that receives a premium payment from a payer. insured or beneficiary who receives a loss or benefit payment from an insurer. ...
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Insurance record showing the amount of insurance coverage placed on any one location. ...
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Organization that conducts research on distribution systems for the life and health insurance products on behalf of its member companies. Studies range from consumer attitudes towards the ...
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