assigned risk

assigned risk
As relating to motor vehicles nuisance, a risk which is not ordinarily acceptable to insurers but for which coverage is required by state statute and which is, therefore, assigned to insurers participating in an assigned risk pool

Black's law dictionary. . 1990.

Look at other dictionaries:

  • Assigned risk — means a driver of a motor vehicle, or a class of such drivers, who would be denied insurance coverage by insurance companies, but are required to be covered under U.S. state law. [See [ Free… …   Wikipedia

  • assigned risk — n: a poor risk (as an accident prone driver) that insurance companies would normally reject but are forced to insure by state law Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. assigned risk …   Law dictionary

  • assigned risk — UK US noun [C] US ► INSURANCE a person who is refused insurance because of their previous record and must buy insurance from particular insurance companies who can charge them more money: assigned risk insurance/plan »State insurance regulations… …   Financial and business terms

  • assigned risk — noun : a risk that qualified underwriters of workmen s compensation or automobile liability insurance would reject under applicable standards but accept so as to permit compliance with state law, the insurance being handled through a pool of… …   Useful english dictionary

  • assigned risk — Insurance. a risk that, under state law, is assigned to an insurer from a pool of insurers who would not otherwise accept it. [1945 50] * * * …   Universalium

  • assigned risk — noun Date: 1946 a poor risk (as an accident prone motorist) that insurance companies would normally reject but are forced to insure by state law …   New Collegiate Dictionary

  • assigned risk — Fin a poor insurance risk that a company is required by law to insure against …   The ultimate business dictionary

  • assigned risk plan — An insurance plan created and imposed by state statute under which persons who normally would be denied insurance coverage as bad risks are permitted to purchase insurance from a pool of insurers who must offer coverage to such individuals.… …   Law dictionary

  • assigned risk plan — In those states having compulsory motor vehicle insurance laws (i.e. financial responsibility laws), such statutes provide that persons who are otherwise unable to buy coverage (because of, e.g., poor driving records) may secure insurance through …   Black's law dictionary

  • assigned risk plan — An arrangement, in a state where automobile liability insurance is compulsory, whereby risks, which otherwise insurers would decline, are imposed by law upon particular insurers, so that all drivers and vehicles residing or located in the state… …   Ballentine's law dictionary

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.