What does Residual Market Insurance mean? Read on to discover the definition & meaning of the term Residual Market Insurance - to help you better understand the language used in insurance policies.
Residual Market Insurance
Insurance that is not ordinarily available from private insurers and may be provided by the government; examples include flood insurance, which is provided by the federal government, and Workers compensation benefits, which may be provided by state funds.
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.
We hope the you have a better understanding of the meaning of Residual Market Insurance. If you are looking for the meanings of other important insurance terms and their definitions, just click on the letter below to find the words & concepts you are looking for: