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English definition of “assigned risk”

assigned risk

noun [C]     US
INSURANCE a person who is refused insurance because of their previous record and must buy insurance from particular insurance companies who can charge them more money: assigned risk insurance/plan State insurance regulations require property and casualty insurers to participate in assigned risk plans to provide high-risk cases with basic insurance coverage.
(Definition of assigned risk noun from the Cambridge Business English Dictionary © Cambridge University Press)
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