Risk Retention Act Of 1986
Definition of "Risk retention act of 1986"
Federal act composed of amendments to the Product Liability Risk Retention Act of 1981 and enacted to make the procedures more efficient for creating risk retention groups (capitalized, member-owned insurance company) and purchasing groups (insurance buyers group formed to obtain coverage for homogeneous liability risks, in many instances hard to insure, from an insurance company).
Popular Insurance Terms
Exchange, in insurance, of an adequate consideration (premium paid by an insured) for the promise of an insurance company to pay benefits in the event the insured incurs a loss. ...
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Physiological or psychological condition that prevents an insured from performing normal job functions. ...
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