Advanced English Dialogue for Business – Assigned risk plans

Listen to a Business English Dialogue About Assigned risk plans

Keith: Hey Leah, have you ever heard of assigned risk plans in insurance?

Leah: No, Keith, I haven’t. What are they?

Keith: Well, they’re insurance plans for individuals or businesses who are considered high-risk and may have trouble getting coverage from regular insurers.

Leah: Oh, I see. So, it’s like a safety net for those who might struggle to find insurance elsewhere?

Keith: Exactly. It ensures that everyone has access to necessary insurance coverage, even if they have a higher risk profile.

Leah: That sounds important. How do assigned risk plans work?

Keith: Basically, insurance companies pool together the high-risk individuals or businesses and share the risk among themselves.

Leah: So, it’s a way to spread out the risk and ensure that no one is left without coverage?

Keith: Right. It helps maintain stability in the insurance market while also providing coverage to those who need it most.

Leah: Thanks for explaining, Keith. It’s good to know that there are options available for everyone, regardless of their risk level.

Keith: No problem, Leah. It’s important to understand how insurance works, especially when it comes to protecting ourselves and our businesses.