INSURANCE LAW

INSURANCE LAW

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Lets understand the term insurance.

The term insurance is basically a contract where one insured party pays premium to prevent types of losses related to any:

-Illness

-Damage to property

-Death.

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Insurance law is related as the practice of law that includes policies, claims, rates and other back office process.

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Need:                                                                                                 

-Provide security to society by providing help in the tome of any financial loss.

-It helps in promoting saving and investments monthly for low and middle class families.

-It compensates and bears loss.

Insurance law is the law which helps in implementating the contract legally between two or more parties.

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HEALTH INSURANCE PORTABILITY

HEALTH INSURANCE PORTABILITY

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First of all, let us study what is meant by portability?

Answer to this question is that in portability one can change insurer without taking benefit of some insurance again and again.

Facts related to portability:

-This is related only to health insurance policies.

-Benefits of policy may distinguish from existing policy used.

– No Extra charges are charged for porting.

-There is no guarantee of portability.

-Upgradation of new plans can be made.

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In health insurance portability– the scheme will be that this health portability will allow existing policyholder change their policy to other insurance company and also they will not lose any benefits.

Benefits:

-There is an option to change the insurer when you don’t feel satisfaction with existing services.

-Benefits provided in the previous policy will continue.

-We can choose any policy in related with the new company.

Health insurance portability is flexible.

Important points to be revised:

-There can increase or decrease in the premium according to the change from one insurer to another.

-Must inform insurer in advance before switching on to another policy.

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-There must be continuation in policy.

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ACCOUNTABILITY ACT

ACCOUNTABILITY ACT

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Accountability act helps in protecting patents that no important information is leaked or disclosed to third party or an outsider.

Basically the act was enacted to prevent theft or any fraudulent in insurance or daily basis in business.

Rights under accountability act:

-Right to ask privacy policy of respective plans.

-Right to ask any changes made.

-Right to complain.

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Advantages:

-Privacy is guaranteed.

-Prevents discrimination based either on genetic or related with health factors.

-It gives flexibility and provide support.

-It gives results in transparent manner.

Be careful under following points:

-Expensive in Costs and Labor

– Lot of Restrictions and misappropriation.

– Due to electronic format there is possibility to attack security measures.

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-It is not economical.

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