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Assigned Risk |
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A danger or hazard of loss or injury that an insurer will not normally accept for coverage under a policy issued by the insurer, but that the insurance company is required by state law to offer protection against by participating in a pool of insurers who are also compelled to provide coverage. assigned risk n. a person whose official driving record (accidents and tickets) is so poor that he/she cannot purchase commercial auto insurance, and must be assigned to a state operated or designated insurance program at high rates. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Perhaps the only good news on the auto insurance front is that the state in September 1990 increased premiums for drivers covered under the assigned risk program by 85 percent and required good drivers to stop using the program, a fact that should increase profit margins for the program and the insurers that back it, according to William Bitterli, an analyst with stock brokerage Northington Partners in Avon, Conn. Our service revenue for the quarter also suffered from this soft insurance market as insurers aggressively targeted companies in the Minnesota Assigned Risk Plan ("ARP"), writing this business at rates lower than the ARP. Commissioner of Insurance, ruling (on appeal from the Superior Court) that the Massachusetts Commissioner of Insurance has the authority to create an assigned risk plan to manage the allocation of high-risk drivers in the state. |
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