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4. What are substandard market and residual market? 5. Discussion: Larry, a twenty-four-year-old graduate student with three speeding tickets on his record, is considered high-risk and cannot get normal automobile insurance coverage. The state where he lives requires automobile insurance before he can register his car. Explain his options for purchasing insurance coverage. 6. Explain: auto insurance plan, reinsurance facility, and joint underwriting association. What is the difference in auto insurance plan and joint underwriting association? 7. What are the six parts in a personal automobile policy (PAP)