Residual Markets Flashcards
1
Q
_____Insurers agree to apportion among themselves those risks that are unable to obtain insurance through normal channels.
A
Risk Sharing Plan
2
Q
_____ - Requires insurers writing specific coverage lines in a given state to assume their share of profits/losses of the total voluntary market premiums written in that state.
A
A Joint Underwriting Association or Joint Reinsurance Pool
3
Q
_____ are a last resort private coverage source for businesses and individuals who have been rejected by the voluntary insurance market. Coverage is typically written as workers’ compensation, personal auto liability, or property insurance on real property.
A
Residual markets
