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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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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