A stipulation, usually found in a disability insurance policy, which states that a portion of benefits will be paid to correspond with the insured’s partial disability. For example, if the insured now earns 50 percent less due to disability, the residual income benefit would pay half of the total disability benefit.

Collective term for any of several channels through which an applicant can purchase at least minimum amounts of property, liability and other types of Insurance which Insurers are not willing to provide in the voluntary market.
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Insurance market systems for various lines of coverage (most often workers compensation, personal automobile liability, and property insurance). They serve as a coverage source of last resort for firms and individuals who have been rejected by voluntary market insurers. Residual markets require insurers writing specific coverage lines in a given state to assume the profits or losses accruing from insuring that state&#8217s residual risks in proportion to their share of the total voluntary market premiums written in that state.
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US: Insurance market systems for various lines of coverage (most often workers compensation, personal automobile liability, and property insurance). They serve as a coverage source of last resort for firms and individuals who have been rejected by voluntary market insurers. Residual markets require insurers writing specific coverage lines in a given state to assume the profits or losses accruing from insuring that state’s residual risks in proportion to their share of the total voluntary market premiums written in that state.

A mechanism through which high-risk insureds who cannot obtain insurance through normal market channels are insured.

Markets that fall outside of the usual marketing methods used by an insurer; for example, government run programs.
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Insurance markets established outside the normal insurance marketing channels to cover unusually large or poor risks. Such markets include assigned risk plans, aircraft pools, nuclear pools, and certain government insurance programs.

A contract, supplementary to a Contractors’ All Risks Policy issued on a contract by contract basis, to cover minor works, including going back to work on a lapsed contract.

In business interruption insurance expense incurred by the insured to minimize a loss may result in advantage continuing to the insured after the indemnity period covered by the policy. The value os this advantage is called the residual value.

The balance remaining, as in an estate after specific bequests and debts have been paid.