https://www.conservapedia.com/index.php?action=history&feed=atom&title=Insurance_LawInsurance Law - Revision history2026-11-02T13:35:33ZRevision history for this page on the wikiMediaWiki 1.35.14https://www.conservapedia.com/index.php?title=Insurance_Law&diff=2056515&oldid=prevBenWetmore: page creation2024-06-10T13:20:21Z<p>page creation</p>
<p><b>New page</b></p><div>'''Insurance law''' encompasses the regulations and legal principles governing insurance policies and the insurance industry. It involves a combination of contract law and regulatory law, addressing the creation, execution, and enforcement of insurance policies, as well as the regulation of insurance companies.<br />
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==Key Terms and Concepts==<br />
Key terms and concepts in insurance law include:<br />
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* '''[[Policyholder]] rights''': The entitlements and obligations of individuals or entities holding insurance policies.<br />
* '''[[Insurance policy]]''': A contract between the insurer and the insured, detailing the terms, coverage, and exclusions.<br />
* '''[[Claim]]''': A formal request by a policyholder for payment or reimbursement based on the terms of the insurance policy.<br />
* '''[[Premium]]''': The payment made by the policyholder to the insurer in exchange for coverage.<br />
* '''[[Indemnity]]''': A principle in insurance where the insurer compensates the insured for losses covered by the policy.<br />
* '''[[Risk management]]''': The process of identifying, assessing, and prioritizing risks, often mitigated through insurance.<br />
* '''[[Underwriting]]''': The process by which insurers evaluate risk and determine the terms and pricing of insurance coverage.<br />
* '''[[Actuarial science]]''': The discipline that applies mathematical and statistical methods to assess risk in insurance and finance.<br />
* '''[[Binder (insurance)]]''': A temporary contract providing insurance coverage until a formal policy is issued.<br />
* '''[[Coverage]]''': The specific protection provided by an insurance policy against particular risks or perils.<br />
* '''[[Deductible]]''': The amount that the policyholder must pay out-of-pocket before the insurer covers a claim.<br />
* '''[[Exclusion (insurance)]]''': Specific conditions or circumstances listed in the policy that are not covered by the insurance.<br />
* '''[[Liability insurance]]''': Coverage that provides protection against claims resulting from injuries and damage to people and/or property.<br />
* '''[[Reinsurance]]''': Insurance purchased by an insurance company from another insurer to mitigate risk.<br />
* '''[[Subrogation]]''': The legal right for an insurer to pursue a third party that caused an insurance loss to the insured.<br />
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==Key Cases==<br />
* '''[[Royal Globe Insurance Co. v. Superior Court]]''' (1979) - Established that third parties could sue insurers for unfair claims practices in California.<br />
* '''[[New York Central Railroad Co. v. United States]]''' (1946) - Addressed the liability of insurers under federal regulations.<br />
* '''[[Zurich Insurance Co. v. Shearson Lehman Hutton, Inc.]]''' (1996) - Concerned the enforceability of arbitration clauses in insurance contracts.<br />
* '''[[Allstate Insurance Co. v. Hague]]''' (1981) - Ruled on the constitutionality of applying one state's insurance law to a case involving another state.<br />
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==Regulatory Framework==<br />
Insurance law is governed by a combination of federal and state regulations, with significant state-level oversight. In the United States, the [[National Association of Insurance Commissioners]] ([[NAIC]]) develops model regulations for states to adopt. The [[McCarran-Ferguson Act]] of 1945 provides that insurance regulation is primarily the responsibility of the states, while federal law can apply where state regulation does not conflict.<br />
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==See Also==<br />
* [[Actuary]]<br />
* [[Reinsurance]]<br />
* [[Risk management]]<br />
* [[Liability insurance]]<br />
* [[Life insurance]]<br />
* [[Health insurance]]<br />
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==External Links==<br />
* [https://www.naic.org/ National Association of Insurance Commissioners]<br />
* [https://www.insurance.ca.gov/ California Department of Insurance]<br />
* [https://www.dfs.ny.gov/ New York State Department of Financial Services]<br />
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[[Category:Insurance law]]<br />
[[Category:Contract law]]<br />
[[Category:Risk management]]<br />
[[Category:Financial regulation]]<br />
[[Category:Legal fields]]<br />
[[Category:Business law]]<br />
[[Category:Tort law]]<br />
[[Category:Property law]]<br />
[[Category:Public policy]]<br />
[[Category:Actuarial science]]<br />
[[Category:U.S. Areas of Law Specializations]]</div>BenWetmore