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Principles of Risk Management > Exam 2 - PAP Residual Auto Markets > Flashcards

Exam 2 - PAP Residual Auto Markets Flashcards

1
Q

What are the 3 automobile insurance markets?

A

Assigned Risk Plans, JUA, Reinsurance Facility

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2
Q

Assigned Risk Plans

A

VA, high premium, not friendly, little incentive

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3
Q

JUA

A

SC, higher premium, insurance company, carrier

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4
Q

Reinsurance

A

NC, accepts all applicants, insured choose company, good drivers = standard rate, bad = higher, insurance companies may surcharge all drivers in the state. This can be seen as a “hidden subsidy,” where all drivers contribute to covering the losses associated with higher-risk drivers.

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Principles of Risk Management (16 decks)

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