Individual insurance is usually based on specific assets or circumstances. Common examples of individual insurance include automotive insurance, health insurance, homeowners insurance, and life insurance.
On the other hand, business insurance generally breaks down into general liability and specific coverage areas. General liability protects from most claims but there are some specific circumstances such as environmental liability insurance where a separate policy is required.Â
The general process of filing an insurance claim falls into a few basic steps. First, a qualifying incident occurs. Then a claim is filed with the insurance company. Once it receives a claim, the insurance will investigate the facts of the claim in order to determine whether or not the claim falls under the policy. Once it’s been investigated, the claim will be either approved or denied.Â
There are a few things to consider when selecting an insurance policy. In most cases, the more expensive the monthly fees associated with a policy, the broader the coverage range and the lower the copay in the event of an incident. Conversely, the less expensive a policy is, the narrower the range of coverage and the higher the copay in the event of an incident.
In the event that an individual or business feels that the insurance company is not appropriately compensating them under the terms of their policy, they may take the insurer to court. It will be on the individual or company to demonstrate that not only was the incident covered under the policy, but that the insurer is either negligently or intentionally failing to compensate the plaintiff according to the terms of the insurance policy.
The government entity in charge of regulating the insurance industry is the U.S. Department of Treasury’s Federal Insurance Office. The Federal Insurance Office handles a variety of tasks including ensuring underserved communities have access to non-health insurance, handling international insurance law, and enforcing the Wall Street Reform and Consumer Protection Act of 2010.
