MLchartDataset catalogue

Purchasing group

Term · Insurance and risk management · MLC-T-INS-002764

A group of similar businesses or organizations that collectively purchase liability insurance from an insurer. This arrangement allows members to obtain coverage at a lower cost or with broader terms than they might achieve individually, due to their combined purchasing power and shared risk characteristics. Purchasing groups are regulated under the Liability Risk Retention Act of 1986 in the United States.

Table 1. Record
IdentifierMLC-T-INS-002764
FieldInsurance and risk management
Record as JSON 
{
  "id": "MLC-T-INS-002764",
  "term": "Purchasing group",
  "field": "Insurance and risk management",
  "definition": "A group of similar businesses or organizations that collectively purchase liability insurance from an insurer. This arrangement allows members to obtain coverage at a lower cost or with broader terms than they might achieve individually, due to their combined purchasing power and shared risk characteristics. Purchasing groups are regulated under the Liability Risk Retention Act of 1986 in the United States.",
  "url": "https://mlchart.com/terminology/insurance/purchasing-group/"
}

Record 2,772 of 3,682 in Insurance and risk management terminology (MLC-0106). Request the full dataset.