November 20, 2017

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Insurance Law

Insurance is a business where the seller (insurer) charges you money to assume the risk of any future loss you may incur. If you have a dispute with your insurer, you may find the advice of an Insurance Attorney useful. View qualified Insurance Law Firms in your area to find Insurance Lawyers.

Essentially, the insurer guarantees that in the event you have a loss, it will bear the cost of that and either reimburse you or pay the expenses associated with the loss outright. The terms of the insurance are written in the policy that is provided to you, the insured.

The most common types of insurance purchased by consumers are:

  • Health Insurance
  • Home Owner’s Insurance
  • Auto Insurance
  • Life Insurance

Health Insurance

Health insurance helps you shift the majority of the costs for your health care to the insurer in exchange for your periodic payment (premium). Several laws regulate health insurance, including:

  • COBRA – provides for continued coverage, particularly in the event of employment termination.
  • HIPAA – gives additional protection for workers by, among other things, prohibiting discrimination and limiting pre-existing condition exclusions.
  • MHPA – requires some group health plans to provide mental health benefits in the same amount as other health care benefits.
  • NMHPA – mandates a 2-day hospital stay after childbirth.
  • WHCRA – requires health plans to cover reconstructive surgery following mastectomy.

In addition, health insurers must disclose significant information to their insureds, including:

  • Deductible, premium and co-pay
  • Plan benefit limits
  • Preventative care coverage
  • In-network an out-of-network rates
  • Referrals
  • Prior authorization

Home Insurance

Also called property insurance, this protects you against some hazards and risks that result in property damage to your home and surrounding property, including (depending on your coverage):

  • Storm
  • Fire
  • Theft

Depending on where you live, you may also qualify for flood insurance. Since most private insurers will not provide coverage for these, the federal government provides flood insurance for certain properties through the National Flood Insurance Program.

Automobile Insurance

Typically, auto insurance is provided in three areas:

  • Liability – which pays for all damage you have caused to other vehicles and property
  • Property – which pays for all damage to your vehicle
  • Medical – which pays for the damage caused to individuals in an accident

Although all states now require that each vehicle carry liability insurance, because some people fail to do so, many states mandate you carry no-fault insurance which will pay for your damages even if the other person has no coverage.

Life Insurance

There are two different types of life insurance policies, each with a different purpose, to:

  • Invest – where the intent is to make money on the investment of premiums. Examples of these include universal life and whole life. These policies are assets that will typically accrue cash value during the policy period.
  • Protect – where the intent is to provide a benefit in the event of death. This is typically purchased as a safety net for individuals who have dependents.

Related areas:

Health Care, Medical Insurance, Medical Malpractice, Insurance Bad Faith, Consumer Law, Auto Accidents, Real Estate Law, Personal Injury, 10 Tricks of Insurance Companies on Vehicular Accident Claims, 10 Tricks of Insurance Companies on Personal Injury Claims