Insurance Law InformationInsurance Law encompasses auto insurance, business insurance, disability and health insurance, life insurance, viaticals, and more. If you have questions about an insurance policy, need advice about a claim, or have another insurance question, find the answers and information you need here in the Insurance Law section of FreeAdvice.
The insurance business is governed by thousands of pages of insurance laws, regulations and rules that were originally intended to protect consumers and regulate the conduct of insurance companies and their agents and brokers. The rules lay down standards that the insurer and its agents must follow during the course of the sales process, specify certain provisions insurance policies must provide, restrict how insurance companies decide who to cover (the insurance underwriting process) and regulate the rates the insurance company can charge. The insurance laws and rules also cover how quickly claims must be paid, and what the insurance company and those who work for it, must do – and may not do -- when an insurance claim arises.
Insurance law can be complicated. In addition to the major types of insurance most consumers are aware of -- auto insurance, health insurance, homeowners insurance, life insurance, and disability insurance -- there are dozens of additional types of insurance for individuals and businesses, like commercial lines insurance and workers’ compensation insurance, among others. The nature of insurance laws and regulations often varies according to certain factors. The type of insurance, whether you buy the policy yourself or as part of a group, by the state, by the type of insurance company that provides the coverage, and by whether you are a policyholder, an additional insured, or someone injured by one of the insurance company’s insureds (a third party claimant.)
Further complicating matters is that there are thousands of insurance companies, hundreds of thousands of insurance agents and insurance brokers, and countless insurance adjusters, underwriters and insurance company administrators, claims examiners and staff. Too often insurance companies don’t play by the rules and laws, and there are a few insurance companies that seem to be evil, sometimes equally so whether dealing with their own policyholders or third party claimants.