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
Payment under a state-sponsored program for victims of crimes. ...
States that allow the placement of surplus lines only with insurance companies that the states have approved. ...
Interest earned but not yet paid for a period of time that has elapsed since the last interest payment. ...
Date, in insurance, on which a person becomes one year older. Depending on the insurance company, premiums in life and health insurance manuals are figured to the age-nearest-birthday or ...
Government-supervised health care system with economic incentives for providers and consumers. ...
Funding of an employee's benefits in a pension plan for his or her beginning past service of employment. This is a significant cost factor in pension planning and financing of future ...
Insurance that combines features of flexible premium life insurance and universal life insurance into one policy in the following manner: Premiums after the required minimum initial premium ...
Coverage that pays a fixed dollar amount of interest at regular intervals. ...
Illness contracted as the result of employment-related exposures and conditions. Coverage for such diseases is found under workers compensation insurance. ...
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