Substandard Insurance
Definition
- A class of insurance for individuals or entities who for one reason or another do not qualify for standard insurance policies and rates. Because of an increased risk of a loss, insurance companies force those with higher risk profiles to pay increased premiums and/or special or restricted provisions.
Synonyms
high risk insurance
Related Terms and Acronyms
- Accommodation Line — Definition,
- As a favour to a broker, insurance companies will sometimes approve coverage to an individual who would not otherwise qualify.
- High Risk Auto Insurance — Definition,
- Auto insurance for drivers with an increased risk of collisions.
- Insurance (insur) — Abbreviation,
- An arrangement where one party provides financial protection to another party for specific damages or losses.
- Life Insurance — Definition, Very Important,
- An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
➥ CanEquity offers life insurance. - Preferred Auto — Definition,
- Auto insurance for those with better driving records.
- Private-Passenger Auto Insurance Policyholder Risk Profile — Definition,
- A system for sorting drivers by their driving records and how likely they are to cause a loss for an insurance company.
- Risk Class — Definition,
- A number of people who are grouped together because they pose similar levels of risk to an insurance company.
- Standard Automotive Insurance — Definition,
- Auto insurance that covers those with average driving records.
