Ch. 8 Government Regulation
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Last updated 6:59 AM on 2/25/25
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6 Terms
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At what level is insurance regulated?
state level
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Goals of Insurance Regulation
maintain insurer solvency
education consumers
ensure reasonable rates
make insurance available
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Maintain Insurer Solvency
insurance contracts are worthless if the insurer goes bankrupt
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Educate Consumers
prevent unethical insurers or agents from taking advantage of consumers
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Ensure Reasonable Rates
ensure economically reasonable premium for needed coverages, prevent too high or too low premiums
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Make Insurance Available
Fair Access to Insurance Requirements (FAIR Plans), restrict the market exit of insurers
Note 
Flashcards (35)