Fair Access To Insurance Requirements (fair) Plan
Insurance that grew out of the urban demonstrations and riots of the 1960s. Because of the deteriorated social and economic circumstances in these areas, it became impossible for many business owners and homeowners to purchase property insurance. As a result, the federal government established the fair plans based on the stop loss reinsurance method. If a business owner or homeowner cannot purchase property insurance through conventional means, application can be made through an agent who represents an insurance company participating in the FAIR plan. If the property is acceptable to the company, insurance will be provided. If the property is deficient, improvements are suggested, and upon compliance the policy is issued.
Popular Insurance Terms
Form that provides insurance coverage for the insured in the event the damage or destruction of non-owned property reduces or terminates the insured's earnings. For example, if the insured ...
Immediate taking-into-account of present interest rates, mortality experience, and expenses in premiums currently charged. This is critical to the formulation of current assumption whole ...
Coverage for an insured in the event that he writes and publishes libelous statements and the injured party brings suit against the insured. ...
Exposures usually excluded from life and health insurance, or subject to a maximum limit if covered. ...
Representative of an insurance company in soliciting and servicing policyholders. An agent's knowledge concerning an insurance transaction is said to be the knowledge of the insurance ...
Method of setting a dollar value on loss suffered by an insured. In some cases, a loss is straightforward, such as the cost of gallbladder surgery. But with burglary of a home or a traffic ...
Insured whose rights against a third party are transferred to an insurance company (the subrosee) according to the process required by the subrogation clause in the policy. ...
Special endorsement to personal automobile policy (pap) covering loss of records, tapes, and other sound equipment caused by an insured peril in an insured automobile. ...
Same as term Excess of Loss reinsurance: method whereby an insurer pays the amount of each claim for each risk up to a limit determined in advance and the reinsurer pays the amount of the ...
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