Laws Governing Insurance

In modern society, insurance serves important social functions, like providing medical care, helping accident victims recover, and creating economic stability. But insurance has some unique vulnerabilities.

For instance, the timing gap inherent in insurance coverage can cause issues. If the insurer doesn’t have enough money in the future to pay a claim, the insurance doesn’t work. Or, if the consumer misunderstands what he’s purchasing, he won’t discover his mistake until after a loss has...