assigned risk

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assigned risk

A higher-than-average (actuarial) risk that insurance companies are required by law to assume, such as insuring cigarette smokers, or malpractice insurance for doctors with “prior experience” (a euphemism for a history of prior claims).
References in periodicals archive ?
RPC is a dominant player in the assigned risk automobile market, servicing insurers who seek to transfer their assigned risks and related premiums to another insurer for a fee.
AutoOne Insurance is based in Melville, New York and is an approved provider of Assigned Risk services for automobile insurance companies in New York, New Jersey, Texas, California, Pennsylvania, Connecticut, Delaware, Vermont, Maine and Washington D.
Assigned Risks are those drivers who are unable to obtain automobile insurance in the voluntary market.
The Solicitors Regulation Authority (SRA) said that, as at October, 7,418 firms had applied to enter the Assigned Risks Pool (ARP) which provides cover for highrisk firms.