Residual Market

Question 1

Residual Markets

Answer 1

Provides coverage for high- risk consumers- who do not qualify for private insurance

Question 2

Another term for Residual Markets

Answer 2

Shared / Involuntary Market

Question 3

Residual programs are _____ options for consumers

Answer 3

Last Resort

Question 4

3 FL Residual market Programs

Answer 4

• The FL Automobile Joint UW Association
• Citizens property Insurance corporation
• Florida Workers’ Compensation Joint Underwriting Association:

Question 5

The FL Automobile Joint Underwriting Association

Answer 5

Auto insurance for high risk drivers

Question 6

Citizens property insurance corporation

Answer 6

property insurance for high - risk properties throughout the state

Merger of property/casualty & windstorm association.

Question 7

FL workers compensation Joint Underwriting Association

FWCJUA

Answer 7

workers comp insurance for high risk businesses

Question 8

Florida Automobile Joint Underwriting Association ELIBIBILTY
FAJUA

Answer 8

Residents of FL

Military personnel stationed in FL

Owners of auto registered in FL

Question 9

CPIC standard forms used

Answer 9

HO - 3, 4, 6, 8

DP - 1 & DP - 3

Question 10

Wind- Only Policies

Answer 10

Only covers windstorm and hail

Question 11

FWCJUA Rate Tiers

Answer 11

Tier One
– Rates are 25% higher than voluntary rates (adjusted based on losses)

Tier Two
– Rates are 50% higher than voluntary market rates (adjusted on losses)

Tier Three
– rates are set to reflect projected losses