Can someone explain Risk Retention in simple terms for me?
- Thread starter Naruto462
- Start date
- 15,041
Rarely are insurance terms deep and meaningful.
Risk retention means you retain the risk, you don't pay a premium to transfer the risk to a third party.
Risk retention means you retain the risk, you don't pay a premium to transfer the risk to a third party.
- 2,621
Think of the deductible on your car and home insurance.
That's risk retention at it's simplest.
That's risk retention at it's simplest.
jaygreen002
Super Genius
- 114
This is in contrast to a traditional insurance company. It's a special type of an insurance company that is formed under federal laws in which policy holders are also stockholders.
Helpico_Insure
Super Genius
- 145
Risk Retention Groups or kind of Insurance offered through RRG- if this is the question. Type of insurance source where similar risks (contractors for their insurance) are collected in a large pool or pools and their premiums collectively pay claims if any. RRG is like an insurance cooperative, not like a corporation or mutual company.
Risk Retention could be a deductible
Risk Retention is the mark up on something, which isn't insured, but the insured expects to collect it when selling it.
Risk Retention is when you aren't insured for Loss of Income. In this case, you are retaining this risk for yourself and should be ready to pay if any losses.
Risk Retention is when you have Health insurance but you don't have disability insurance and you suffer an injury or sickness with a stay at home and /or inability to work and make income.
etc.....
Risk Retention could be a deductible
Risk Retention is the mark up on something, which isn't insured, but the insured expects to collect it when selling it.
Risk Retention is when you aren't insured for Loss of Income. In this case, you are retaining this risk for yourself and should be ready to pay if any losses.
Risk Retention is when you have Health insurance but you don't have disability insurance and you suffer an injury or sickness with a stay at home and /or inability to work and make income.
etc.....
