voluntary market
The voluntary market refers to insurers writing insurance in a competitive environment with the freedom to accept or reject applicants based on their underwriting criteria and objectives.
voluntary market
The voluntary market refers to insurers writing insurance in a competitive environment with the freedom to accept or reject applicants based on their underwriting criteria and objectives.
Additional Information
For most lines of coverage, the market is completely voluntary. However, in lines where coverage is required under state law, most notably auto liability and workers compensation, insurers participating in the voluntary market are required to accept a portion of the uninsurable risks through an assigned risk plan.
