insurance pool
Collective risk fund
An insurance pool is a group of insurers or policyholders who combine resources to share risk and spread potential losses across a larger base.
Pools form when individual coverage would be prohibitively expensive or unavailable, such as for high-risk drivers or catastrophic events like hurricanes.
The state created an insurance pool for residents who couldn't get coverage in the private market.
Members contribute premiums to a common fund from which claims are paid.
- risk-sharingDistributing potential losses collectively
- shared riskDanger borne collectively
- reinsurersFirms insuring insurers
- policyholdersThose owning insurance contracts
- syndicateCombined group pursuing shared interest
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