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
Quantitative measurement of the total costs (losses, risk control costs, risk financing costs, and administration costs) associated with the risk management function, as compared to a ...
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Model state law of the NAIC that requires the insurance agent who is replacing the policy to: give the policyholder a replacement notice; forward a signed copy of the replacement notice to ...
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