Risk Retention Act Of 1986

Definition of "Risk retention act of 1986"

Brady Lockenour real estate agent

Written by

Brady Lockenourelite badge icon

HomeSmart Realty Group Bloomington

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).

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Insurance Terms

Method by which each member of an insurance pool shares in each and every risk written by the other members of the pool. ...

Resident patient of a medical installation. Previously, health insurance benefits were limited to in-patient care. Today health insurance policies provide an extensive list of out-patient ...

Accounting rule found under the Generally Accepted Accounting Principles (GAAP) that prohibits the insurance company from restating assumptions that it made for interest earned, expenses ...

Person who has been authorized by the insurance company to pay a loss (s) incurred by the insured. ...

Rider attached to an ordinary life insurance policy that allows the policy owner to deposit excess premium payments into a separate account from which they can be withdrawn to meet premium ...

Small face amount life insurance policy. ...

Fee paid to an insurance salesperson as a percentage of the premium generated by a sold insurance policy. ...

Legislation in a number of states requiring insurers to pay the face amount of a fire insurance policy in case of total loss to a dwelling (or sometimes another specified type of building), ...

Minimum degree of injury or loss for which an injured party can sue, even though covered by no fault automobile insurance. Traditionally, an accident victim had to prove the other driver ...

Popular Insurance Questions