What does Residual Automobile Insurance Market mean? Read on to discover the definition & meaning of the term Residual Automobile Insurance Market - to help you better understand the language used in insurance policies.
Residual Automobile Insurance Market
The residual automobile insurance market (also known as the shared market) is the buying option for a person who cannot buy a standard automobile insurance because they or their automobile is classified as too high a risk by state insurance regulators.
More Insurance Terms And Definitions
The Merriam-Webster Dictionary defines insurance as:
b: Coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.
c: The sum for which something is insured.
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