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
Same as term Concurrency: in which at least two insurance policies provide identical coverage for the same risk. ...
Person covered under an employee benefit insurance plan. ...
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 ...
Provision of property insurance that establishes the amount for which an insured must be reimbursed for damaged or destroyed property according to the price a willing buyer would pay for ...
Coverage through an endorsement to the personal automobile policy (pap) to extend its protection against accidents within a 25 mile radius of the U.S. border. This coverage is excess over ...
Coverage for property which moves from location to location either on a scheduled or unscheduled basis. If the floater covers scheduled property, coverage is listed for each item. If a ...
Legislation that redefined life insurance and raised taxes on life insurance companies. Among the provisions were new rules for some life insurance products, including a definition of ...
Elimination of unnecessary financing costs and the redirection of those sums to activities that are more profitable. The concept is for the company to have a long-term view of its risk ...
Joint profit sharing and money purchase plan that is appropriate for businesses that desire the funding flexibility of the profit sharing plan and the higher tax-deductible (25% vs. 15%) ...
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