Assigned Risk refers to a system in which insurance companies are required by law to provide coverage to individuals or businesses that are deemed high-risk and are unable to obtain insurance through the regular market. These high-risk individuals or businesses are assigned to insurance companies by a state or government agency, ensuring that they have access to the necessary insurance coverage. The assigned risk system aims to promote fairness and ensure that everyone has access to insurance, regardless of their risk profile.
Assigned Risk refers to a system in which high-risk individuals or businesses are assigned to insurance companies by a state government. This is typically done when an individual or business is unable to obtain insurance coverage in the regular market due to their high-risk status. The assigned risk system is designed to ensure that everyone has access to insurance coverage, regardless of their risk level. Insurance companies participating in the assigned risk system are required to provide coverage to these high-risk individuals or businesses, and are compensated by the state for any losses incurred.
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This glossary post was last updated: 29th March 2024.
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