Impaired Risk (substandard Risk)
In life and health insurance, person whose physical condition is less than standard or who has a hazardous occupation or hobby. For example, an applicant with a history of strokes is regarded as an impaired risk. Some substandard insurance companies specialize in insuring substandard risks, applying an additional premium (surcharge) to reflect the higher probability of loss from a particular impairment.
Popular Insurance Terms
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Retirement payments to be credited for future years of service with an employer. ...
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Measure used in the retrospective rating method for workers compensation insurance. A factor is applied to the incurred losses during the rating period in question in order to generate a ...
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