MLchartDataset catalogue

Residual market

Term · Insurance and risk management · MLC-T-INS-002911

A mechanism established by states to provide insurance coverage for individuals or businesses that are unable to obtain it in the voluntary market due to high risk. These programs, such as assigned risk plans for auto insurance or FAIR plans for property insurance, act as an insurer of last resort. All licensed insurers in a state typically share in the losses and expenses of the residual market proportionally to their market share.

Table 1. Record
IdentifierMLC-T-INS-002911
FieldInsurance and risk management
SubjectPersonal Lines
Record as JSON 
{
  "id": "MLC-T-INS-002911",
  "term": "Residual market",
  "field": "Insurance and risk management",
  "definition": "A mechanism established by states to provide insurance coverage for individuals or businesses that are unable to obtain it in the voluntary market due to high risk. These programs, such as assigned risk plans for auto insurance or FAIR plans for property insurance, act as an insurer of last resort. All licensed insurers in a state typically share in the losses and expenses of the residual market proportionally to their market share.",
  "subject": "Personal Lines",
  "url": "https://mlchart.com/terminology/insurance/residual-market/"
}

Record 2,950 of 3,708 in Insurance and risk management terminology (MLC-0106). Request the full dataset.