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Insurance laws in the United States Insurance laws in the United States

Bronze medal Reporter adv.John Posted 12 Feb 2019 Post Comment Visitors: 219 Read More News and Blogs
Insurance laws in the United States

Insurance Law is, as the name implies, the body of law relating to insurance. These laws take in insurance policies, insurance claims, insurance regulations and rates, and recently enacted laws, like the Affordable Care Act. Primarily, insurance law can be fragmented into three categories: the business of insurance, the content of insurance policies, and the handling of claims.

Business of Insurance

These laws touch the necessities for companies wishing to operate the insurance industry. Business insurance laws can be a change from state to state but can affect things like confirming the insurance company will have sufficient liquidity to cover claims in the event of catastrophic events or natural disasters. These laws also direct licensing insurance companies, controlling whom insurance companies can go away from coverage, the types of insurance a company must offer in a jurisdiction if it wishes to offer other policies, and many others.

The content of Insurance Policies

Laws associated with the information of insurance policies are intended to prevent predatory practices that would really let insurers offer worthless or diminished value policies. They also avoid insurers from false clauses and labels on policies that would permit an unsophisticated buyer to believe that they are buying one type of insurance but receive another. These laws also direct other requirements, like reasonable cancellation, disclosures to third parties, and delineations of insured and uninsured events.

Handling of Claims

These laws influences on how insurance companies must answer back when a claim is made. They prevent insurance companies from rejecting claims unreasonably. They also avoid insurance companies, in certain instances, from cancelling policies simply for making claims. They also bother how insured’s can make claims and what happens if someone attempts to make a fraudulent claim.

Affordable Care Act / "Obamacare"

The Patient Protection and Affordable Health Care Act, also well-known simply as the Affordable Care Act or "Obamacare," is a sweeping set of federal laws designed to upturn the quality and affordability of health insurance, lower the rate of uninsured Americans by increasing public and private insurance coverage, and lessening the costs of healthcare for both individual citizens and the government. To do this, it uses a number of plans, like mandates, subsidies, and insurance exchanges, to promote coverage and affordability. The Affordable Care Act also needs insurance companies to cover all applicants, including those with pre-existing medical conditions and without a look to gender, provided they meet new minimum standards for coverage.

Although the Affordable Care Act has been a hot button issue for political controversy, the United States Supreme Court maintained the constitutionality of the Affordable Care Act in the case of National Federation of Independent Business v. Sebelius. On the other hand, the Court also held in that case that states cannot be forced to take part in the Affordable Care Act's Medicaid expansion under penalty of losing their current Medicaid funding. Since that decision, politicians have highly opposition on the law's execution, as well as by Congressional conservatives force a repeal of the law by training Congress's "purse power" and sanctioning a brief federal government shut down to take place in 2013 rather than pass a budget that comprised funding for the execution of the Act.

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