Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium. Insurer, in economics, is the company that sells the insurance. Insurance rate is a factor used to determine the amount, called the premium, to be charged for a certain amount of insurance coverage. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.
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Auto Insurance-is probably the most common form of insurance and may cover both legal liability claims against the driver and loss of or damage to the insured's vehicle itself. Throughout most of the United States an auto insurance policy is required to legally operate a motor vehicle on public roads.
Gov. Charlie Crist signed legislation that will revive the Florida's motor vehicle no-fault law.
This will require drivers to have $10,000 worth of health care benefits through personal injury protection coverage by Jan. 1.
The bill also changed the law to include measures to protect consumers and reduce fraud.
The legislation provides maximum allowable fees for medical providers and requires insurers to notify policyholders lacking PIP coverage that it is needed.
The bill also authorizes the state attorney general, in addition to the Florida Office of Insurance Regulation, to take action against insurers who have a pattern of not paying valid claims.
