The term used to describe plans in which automobile insurers participate to make insurance available to drivers unable to obtain coverage in the standard market is the
A)foreign market.
B)fair market.
C)residual (shared)market.
D)high-premium market.

Question

Quizplus · Accepted Answer

The term used to describe plans in which automobile insurers participate to make insurance available to drivers unable to obtain coverage in the standard market is the residual (shared) market. This market is designed to ensure that high-risk drivers who require insurance coverage are still able to obtain it. Insurers participate in this market by taking on policies for high-risk drivers who are unable to obtain coverage in the regular market.

The Term Used to Describe Plans in Which Automobile Insurers