google bot detected Fair Access To Insurance Requirements Fair Plan | Insurance Glossary | Realestateagent.com

Fair Access To Insurance Requirements Fair Plan


Definition of "Fair access to insurance requirements (fair) plan"

Dorothy  Pataky
  Re/Max Horizon

Insurance that grew out of the urban demonstrations and riots of the 1960s. Because of the deteriorated social and economic circumstances in these areas, it became impossible for many business owners and homeowners to purchase property insurance. As a result, the federal government established the fair plans based on the stop loss reinsurance method. If a business owner or homeowner cannot purchase property insurance through conventional means, application can be made through an agent who represents an insurance company participating in the FAIR plan. If the property is acceptable to the company, insurance will be provided. If the property is deficient, improvements are suggested, and upon compliance the policy is issued.



Related Real Estate Glossary terms

Related Real Estate FAQ