What does Risk Retention Groups mean? Read on to discover the definition & meaning of the term Risk Retention Groups - to help you better understand the language used in insurance policies.
Risk Retention Groups
Risk retention groups (RRG) are a particular type of insurance company formed by the Federal Liability Risk Retention Act, which allows a member to write all types of liability insurance, except Workers compensation, property insurance, and policies for personal lines.
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 Risk Retention Groups. 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: