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Voluntary Market

Voluntary Market

Definition

A group of insurers that elect to write insurance in a competitive environment retaining the right*- to accept and reject business submitted. More specifically, the term also applies to the two types of mandatory insurance: automobile liability and workers compensation. In these instances, voluntary market refers to the insurers that provide coverage to desirable risks while rejecting the less attractive risks, which must then be afforded coverage through assigned risk markets.

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