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
Method of determining whether or not coverage is available for a specific claim. If a claim is made during the time period when a liability policy is in effect, an insurance company is ...
Acknowledgment by the policyowner that he or she has received the policy loan requested. ...
Provision in a property, liability, or health insurance policy stipulating the extent of coverage in the event that other insurance covers the same property. ...
Membership organization of insurance companies that write workers compensation insurance. The organization collects statistics on the frequency and severity of job-related injuries to ...
Individual or organization that is a potential purchaser of an insurance product. ...
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Coverage under the auspices of a federal or state agency that can be either mandatory or elective. ...
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