What Does Risk Purchasing Group Mean?

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What does Risk Purchasing Group mean? Read on to discover the definition & meaning of the term Risk Purchasing Group - to help you better understand the language used in insurance policies.

Risk Purchasing Group

Risk Purchasing Group

A group formed in compliance with the Risk Retention Act of 1986 authorizing a group of insureds engaged in similar businesses or activities to purchase insurance coverage from a commercial insurer. This is in contrast to a risk retention group (RRG), which actually bears the group's risks rather than obtaining coverage on behalf of group members.

We hope the you have a better understanding of the meaning of Risk Purchasing Group.

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