• Managing Losses

    What Is Loss Control?

    The process of identifying and mitigating situations that may lead to losses is called "loss control." Loss control may involve both simple and complex ways to reduce the likelihood of facing a loss. Loss control can also be use methods to minimize losses that may not be totally avoided. Often, insurance is purchased for handling losses.

  • Insurance Regulation

    Following are some key events that helped create the regulatory status of the insurance industry.

    Paul vs. Virginia

    In the 1860s, a New York insurance agent began insurance transactions into Virginia. Legal action was filed against the agent for failing to comply with Virginia law. The case made it to the U.S. Supreme Court, which addressed whether individual states maintained the right to regulate insurance. The court preserved the assumption that insurance was not interstate commerce and should remain under each state's jurisdiction.

  • Unfair Claims Practice

    Faithfully handling your premium payments creates the expectation that your insurance company will investigate and, if applicable, pay for a loss. Loss payment includes taking care of expenses associated with settling a loss or handling the defense costs of a lawsuit.

  • Insurance Fraud

    Fraud is a major, ongoing plague for the insurance sector. Consumers often view the problem far less seriously than do insurance companies. There are various reasons why the two groups perceive fraud so differently. There is a similarity with how individuals view tax fraud. Regardless any justification, many feel that “cheating” on taxes or insurance claims may be acceptable because they may consider both as unnecessary and unwelcome financial burdens.

  • Internet Insurance Information

    The Internet has long been an ideal method for promoting and selling insurance. However, even as greater advantage is being taken of cyber insurance transactions, it is important to keep a bit of old, yet still excellent, advice - "Let the buyer beware."