Assigned Risk


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Assigned Risk

1. A driver of an automobile who is uninsurable (usually because of a poor driving record), but is required, by law, to have automobile insurance. States assign their uninsurable drivers to insurance companies, which must provide coverage (known as automobile assigned risk insurance), though the companies charge higher premiums.

2. In workers' compensation, a worker who performs labor considered so hazardous that an insurance company will not insure his place of employment. For example, a miner or an oil rig worker may be an assigned risk. As with automobiles, states assign their uninsurable workers to insurance companies, which must provide coverage, often at higher premiums.
References in periodicals archive ?
When employers can't find an insurer willing to sell them a policy, they join the assigned risk plan.
Consider, for example, if the assigned risk fund has $2 million in premiums and $3 million in indemnities.
A healthy workers' compensation environment is dependent upon adequate rates that employers can afford to pay, a self-funding assigned risk plan, a sound regulatory environment and a viable compensation system that is fair and consistent throughout the system.
As it is, the benefits flow mainly to policyholders, and only indirectly to businesses in the Assigned Risk Pool and to the state as a whole.
Romney wanted high-risk drivers to be randomly assigned to a particular carrier, a so-called assigned risk plan.
Workers' Comp Rates Loss Cost Industry Level Assigned Risk Group Changes Rate Change Manufacturing 1.
As private insurers drew back, their accounts often switched to SCIF, which acts in its legal role as an assigned risk pool and one with a zeal to grow.
This study analyzes the differences between the two major forms of automobile residual market facility used in the United States: assigned risk plans (ARPs) and joint underwriting associations (JUAs).
We provide a lot of detail about the activity we have seen that contributes to the assigned Risk Factor, and provide drill-down and pivot-table views enabling our customers to define which type of malicious behavior they deem most dangerous.
The GameChanger solution in Windows Azure is a perfect fit for new product lines, new markets, or assigned risk business that a carrier might be required to write.