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Fair Access to Insurance Requirements (FAIR) Plan

Fair Access to Insurance Requirements (FAIR) Plan definition - business

Fair Access to Insurance Requirements (FAIR) Plan

Guaranteed insurance coverage for businesses and individuals who live in high-risk areas. Originally established in the 1960s by the Federal Housing and Urban Development Act to provide coverage in riot-prone areas, the concept was adapted by states that began offering their own FAIR plans. For example, California developed a FAIR plan in 1968 for homeowners who live in high-risk fire areas.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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