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Are there any limitations on what an insurance company can charge for insurance?
For each type of policy, insurance companies have a range of premium levels that may be charged based on various factors that are considered at the time an application is submitted. For example, the premium for an auto insurance policy will vary depending on the applicant's driving habits, such as number of miles driven and whether the auto is used for business, the age and model of the vehicle, and whether the applicant has recently been convicted of a traffic violation. The premium for a life insurance policy will vary depending on the applicant's age and health condition. Rating factors must be reasonably related to the risk being insured, and state law often limits the specific rating factors that may be considered for certain types of insurance.
The rates and rating factors for most types of insurance must be filed with the insurance regulatory agency for each state where the insurance is to be sold. In some states and for some types of insurance, the rates must get regulatory approval before they can be used. |
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Are there legal limitations on insurance company business practices?
Are there any limitations on what an insurance company can charge for insurance?
Can an insurance company cancel my policy for any reason it chooses?
Can I cancel my policy at any time and will there be a penalty?
What happens when there is a claim?
If I am sued, does my insurance company defend me in court?
If I am sued, can my insurance company settle the case without my consent?
What is a ‘reservation of rights’ letter?
What can I do when an insurance company refuses to pay a claim?
Lawsuit for ‘bad faith’
Are there any options for resolving a dispute with my insurance company other than suing the company in court?Arbitration
Complaint to department of insurance
What are ‘exclusions’ and ‘limitations’ and how do they affect my coverage?
Are there any government agencies that regulate how insurance companies operate?
Why would someone need or be required to have insurance?
Is a business required to provide health, life and other insurance coverage for its employees?
What is an insurance policy?
What is an ‘insurable interest’?
What am I required to do when I have a claim?
Can an insurance company refuse to sell me insurance for any reason it chooses?
If I miss a premium payment and get a cancellation notice, is there anything I can do to be able to keep the policy?
If I think certain words in my policy mean something different from what my insurance company says they mean, how do we resolve it?
How does an insurance policy ‘protect’ me?
I have a friend who is an avid motorcycle rider and who particularly enjoys driving while drunk. Can I take a out a large insurance policy on him? My odds of collecting are higher than the lottery!
We have a policy limit of $100,000. Does this mean that any medical bills, damages, legal fees, etc. That exceed that limit are my responsibility?
Why does it matter that I give an adjuster my social security number?
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