Definition - What does Insurance Law mean?
Insurance law is the group of laws that surround insurance, including laws that the insurers have to follow and the regulations that exist, which insured persons also need to follow. It also covers the regulations on paying insurance claims to insured individuals and to third parties who sue.
Justipedia explains Insurance Law
There are three general types of insurance law:
- The first is when the insurance company hires an attorney to represent one of their insured customers in a case where the customer is being sued and that ultimately, if lost, will be paid by the insurer.
- The second involves the process of ensuring that the insurance company follows all regulations internally through an in-house legal team review.
- The third is when an insurance company must determine whether or not to pay a claim.