Assigned Risk

Also found in: Dictionary, Medical, Financial, Wikipedia.

Assigned Risk

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.

References in periodicals archive ?
In Alaska, insurance carriers typically place newer and smaller employers in an assigned risk pool.
Accidents and disabling injuries continued, OSHA showed up unannounced and General Construction stayed in the assigned risk pool.
2 for the assigned risk fund but represents an ex ante choice variable for the insurance company with respect to the commercial and developmental funds.
Burnes, however, has said she has seen no evidence to support claims that the assigned risk plans would grow that large.
For want of a better solution, the state of New Mexico runs an assigned risk pool, because on the market itself, CFRP's can't get private insurance.
Assigned Risk Pool Employers who lose workers' compensation coverage should have options for new insurance through assigned risk pools.
Those employers, mostly small businesses, obtained workers' compensation insurance from what's called the Assigned Risk Pool.
Since 1966, State Farm's standard contract with agents provided that fulfilling it "shall be your principal occupation, and you will not directly or indirectly write or service insurance for any other company, other than a State Farm affiliate or through an assigned risk plan, or for any agent or broker, except in accordance with the terms of any written consent we may give you.
Lu-Yau assigned risk based on the rate of nonlocalized prostate cancer seen in men who underwent PSA screening at least once every 12 months.
Dove expects that number to grow steadily as HEMIC absorbs more of the estimated 6,500 companies in the assigned risk pool.
The dollar impact in 1989 of the assigned risk pool that companies contributed to amounted to $2 billion," he said.
government-sponsored agencies are assigned risk weights of 0 and 20 percent respectively because of the low degree of credit risk.