To remain solvent, it must also possess additional assets equal to what amount? Failing to acknowledge with reasonable promptness communications regarding claims. C. Agents. Based on the date an individual's application is received. The law provides consumers with subsidies . Compensate for inadequate consumer knowledge. Goals . Regulating other aspects of the insurance industry. \text{Operating Income}&\$13,000&\$(g)\\\hline\hline Promotion of fair and healthy competition. Transferring the costs of losses to an insurer would be unnecessary, if there were no A. Exposures to loss B. Major reasons for the regulation of insurance include the following: Maintain insurer solvency Compensate for inadequate consumer knowledge Ensure reasonable rates Make insurance available Maintain Insurer Solvency It shall also promote and maintain monetary stability and the convertibility of the peso. B. But opting out of some of these cookies may affect your browsing experience. What are the different sociological perspectives on deviance? While it's one of the most widely known government programs . Nonetheless, the Financial Stability Oversight Council (FSOC) was created, composed of federal regulators whose objective is to identify financial institutions that pose a . One party is insurance company and other one is insured. [18], In 1999, Congress passed the Gramm-Leach-Bliley Financial Modernization Act, which sets out certain minimum standards that state insurance laws and regulations were required to meet or else face preemption by federal law. Hence, con-sulting engagement objectives must be consis-tent with the organization's values, strategies, and objectives. Thus, the business of insurance, although primarily a matter of private contract, is nevertheless of such concern to the public as a whole that it is subject to governmental regulation to protect the publics interests. Regulating other aspects of the insurance industry. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. While it is useful to managers in tracking individual filings, it is cumbersome and time-consuming to use, and cannot manipulate data from multiple filings. An influential group of MPs has urged the UK government not to make a competitiveness a "primary objective" of regulators. A life insurance policyowner has the flexibility to increase the amount of premium and then decrease it at a later date. Which of the following statements is correct? Asset security includes the concepts, structures, principles and standards aimed at monitoring and securing assets covering anything that can be important to the organization, such as partners, employees, facilities, equipment and information. Interpret policy provisions Which type of jurisdiction requires an insurer to have its rates accepted by the Insurance Department prior to using them? Insurance companies are also required to act in good faith by investigating claims, defending policyholders in lawsuits according to the insurance policy, and paying for legitimate insurance claims, among other responsibilities. Which of the following is NOT a primary objective of insurance regulation? A. According to the California Insurance Code, how is the word "may" interpreted? In what order are people on the MRMIP waiting list allowed to enroll? It is not a primary objective of insurance regulation to interpret policy provisions. 119; the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub.L 111-203, H.R. Furthermore, the Act specifically exempted the insurance industry from federal antitrust laws as long as the state had its own antitrust statute which applied to the insurance industry operating there. According to the Insurance Contracts Act 1984 (ICA), an insured person has a responsibility to disclose every matter they know to be relevant to the insurer, including all things which a reasonable person could be expected to know as applicable, which may influence the insurers decision to accept the risk of insuring . About. To safeguard the rights and interest of the insuring public . I. Rate-setting refers to the means by which companies decide on the costs for the insurance coverage they provide. purposes of regulation. Purpose . insurance departments administrators until it gets back on the right track ("State insurance regulation" 2013) Market Regulation Market regulation ensures fair and reasonable insurance prices When an insurance company violates these laws they are subject to fines and/or suspension or license revocation ("State insurance regulation" 2013), 1 Changing approaches to the regulation of insurer investment 9 There has been a clear trend for countries to transition to a risk-based capital regime for the regulation of insurance company solvency Insurance companies within EU countries will be subject to the Solvency II regime from January 2016, primary objective of both regimes is to protect policyholders for this purpose both regimes take different approaches Both regimes have a similar concept of ORSA assuming Solvency II adoption within Europe but the EU sets the process in law and prescribes that the qualitative and quantitative assessments are performed against a set standard, Insurance The primary objective of insurance regulation is to correct market failures that would otherwise cause insurers to incur an excessive risk of insolvency or engage in market abuses that hurt consumers Significant state insurance department regulatory resources are employed to monitor market behaviors compliance and solvency, Policy Guidance on the Structure of Insurance Regulation - OECD www oecd org/daf/fin/insurance/Policy-Guidance-on-the-Structure-of-Insurance-Regulation-and-Supervision pdf Objectives and mandates of insurance regulation and supervision practices should not go beyond what is necessary in order to achieve their purpose , A Preliminary Inquiry in the Theory of Insurance Law - CORE core ac uk/download/ pdf /217208211 pdf Kimball Spencer L "The Purpose of Insurance Regulation: A Preliminary Inquiry in not directly connected with economic activity In our day a variety, The PRA's approach to insurance supervision - Bank of England www bankofengland co uk/-/media/boe/files/prudential-regulation/approach/insurance-approach-2016 pdf PRA's primary objectives As set out in the document the PRA recognises that insurers are not systemic in the same way as banks, Objectives of Insurance www nou ac in/Online 20Resourses/27-7/bba4 pdf 25 juil 2020 Insurance primarily serves the purpose of granting security against losses and damages to people It is an agreement enters into by two parties, INTRODUCTION TO GENERAL INSURANCE EXAM STUDY MANUAL actexmadriver com/samples/GI_SAMPLE pdf Assignment 2: Insurance Regulation of the favorable regulatory climate Not primary goal for cooperative insurers but they should also earn a, 1 2186 Authority and Purpose (a) These regulations are www insurance ca gov/0200-industry/0050-renew-license/0300-cont-education/upload/Sections2186to2188-9CCR pdf the provisions of Section 1749 7 of the California Insurance Code The purpose of these regulations is to set forth the prelicensing education curriculum, acquisitions of blocks of insurance business in - Locke Lord www lockelord com/-/media/files/newsandevents/news/2004/08/acquisitions-of-blocks-of-insurance-business-in-__/files/2004-08_chicago_-acquisitionsblocksinsurance_bia__/fileattachment/2004-08_chicago_-acquisitionsblocksinsurance_bia__ pdf The primary objective of assumption reinsurance is to allow the transferring insurance For example a policyholder may not want to be insured, Florida's Department of Financial Services and Office of Insurance www wallstreetinstructors com/ce/continuing_education/suitability/print/suitability4print pdf The primary purpose of this regulation is to promote the public tion of the Florida Office of Insurance Regulation they are not subject to examination, analysis of property/casualty insurance rate regulatory laws www leg state nv us/Session/76th2011/Exhibits/Assembly/CMC/ACMC279L pdf 29 nov 2010 companies hesitant to lower rates for fear they will not be able to A primary objective of insurance regulation is to ensure that, Which of the following is NOT a primary objective of insurance regulation? [11], The United States Congress responded almost immediately: in 1945, Congress passed the McCarran-Ferguson Act. The McCarranFerguson Act, 15 U.S.C. It boosts confidence level of peoples and acts as supporting pillar by compensating them at time of emergencies. Statement that all values and benefits are guaranteed, According to the PPACA, the medical enrollment tier that has 80% actuarial value is called. Contact a qualified attorney to assist with any issues related to insurance. Minimum of two activities of daily living. How long must a policy be in force before an insurer is prohibited from denying claims based on misstatements made on the health policy application? What is Doorstep Gold Loan Services in India. Guaranteed asset protection insurance (or GAP Insurance) is an insurance coverage offered as a supplement to automobile insurance policies or auto loans. Civil courts. Two types of government-funded programs are not health plans: (1) those whose principal purpose is not providing or paying the cost of health care, such as the food stamps program; and (2) those programs whose principal activity is directly providing health care, such as a From 1986 to 1992, there were 276 insurer bankruptcies. As a result, audit objectives are divided into primary and secondary objectives. The automated system that OIP uses to monitor filings does not generate adequate information about the workload of the office. Two of the major advantages of federal regulation are uniformity and efficiency. According to PPACA, how long can an adult be covered as a dependent under their parents' insurance plan? To establish a sound national insurance market. As . These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Appendix A. However, federal law, court decisions and administrative adjudications also play an important role. | Last updated June 12, 2017. b. Organization's values. 1] Provides Reliability. Functionally, this involves: Historically, the insurance industry has been regulated almost exclusively by the individual state governments. They have proven to be more effective than any other financial entity at protecting ones assets from creditor claims, lawsuits, and just about any type of legal threat. [12], After the McCarran-Ferguson Act, the business of insurance remained substantially regulated by state statutory and administrative laws through the years. Insurance Agent (Producer) Disclosure For Annuities . The recent financial crisis and its cascading effects on the global economy have drawn increased attention to the regulation of financial institutions including insurance companies. In the U.S., the states have been the primary regulators of the insurance industry. [22], In 2018, the majority of states began to require health insurers to submit market conduct data. This paper provides a context for the discussion of reforming the framework of insurance regulation and its policies in the US. Insurance is a contractual agreement between two parties in which one party promise to protect another party from uncertainties and losses. D. The insured and other third parties. Which of the following is considered an unfair claims practice? Major reasons for the regulation of insurance include the following: Maintain insurer solvency. Significant state insurance department regulatory resources are employed to monitor market behaviors, compliance, and solvency. All of these are considered objectives of insurance regulation EXCEPT interpret policy provisions . It attracts people for investments by presenting them with numerous insurance policies guarantying of compensation for losses. They offer coverage by pooling their customers money rather than groups of people pooling their own money. Question: What is the primary objective of insurance regulation in the united states? list the (4) primary objectives of insurance regulation maintaining insurer solvency protecting insurance consumers ensuring availability of coverage regulating insurance rates maintaining insurer solvency what is the purpose of solvency regulation? Consulting engagement objectives must be consistent with all of the following except: a. Organization's goals. Insurance becomes an asset when you experience a risk covered in your insurance plan, which activates your coverage, allowing you to make a claim and receive a successful payout. Supporters of federal regulation also claim they can offer more competent regulators. Loss suffered by any of the insured is paid out of premium amount paid by these policy holders to insurance company. The one that pays second (secondary payer) only pays if there are costs the primary insurer didnt cover. Correct. Protect your wealth by purchasing umbrella insurance to cover your assets beyond the coverage provided by other policies. Insurance is a means of protection from any unforeseen losses and contingencies. Asset insurance passes the risk of loss or damage to property from your business to the insurance company This represents a safety net that reduces the financial impact of loss or damage to expensive fixed and movable assets. The formation, acquisition, sale, merger, restructuring, reorganization and dissolution of insurance companies, their affiliates and other businesses in the insurance industry; Negotiating, structuring and executing associated transactions, such as the purchase or sale of blocks of insurance business, or providing compliance services relative to public and private financing; Drafting and submitting National Association of Insurance Commissioners (NAIC) Uniform Certificate of Authority Applications (UCAA) and related documentation with respect to insurance company formation, admission, licensing, expansion, re-domestication and other transactions; Drafting and submitting other required applications and related documentation with respect to the formation, admission, licensing, expansion, redomestication and other transactions of insurance affiliates, holding companies and other businesses in the insurance industry; Representing insurance industry clients before state insurance regulatory and other government agencies with respect to compliance issues, complaint resolution, administrative hearings and other administrative processes; Creating, drafting, developing, submitting for regulatory approval, negotiating, revising, supplementing and withdrawing various types of insurance products, policies, contracts, forms, rates, fees, schedules and other regulatory filings, including compliance programs required under state and federal law; and. \text{Gross Profit}&36,000&115,000\\ Insurance companies who act in bad faith may find themselves facing a breach of contract or bad faith lawsuit. Insurance regulatory law is primarily enforced through regulations, rules and directives by state insurance departments as authorized and directed by statutory law enacted by the state legislatures. The best time to protect your assets is before a claim emerges. It adds certainty of payments to people for happening of uncertain events. Name So, to sum up, what is the purpose of HIPAA? Early federal laws passed included the National Flood Insurance Act of 1968, and a Federal Crime Insurance Program was implemented which the Government Accountability Office recommended terminating in 1982. Public Interest: The profit motive should not be the primary objective for the industry which performs an important public service, e.g. To promote growth and financial stability of insurance, pre-need, and HMO companies. The cookie is used to store the user consent for the cookies in the category "Analytics". Regulation and supervision in the United Kingdom 32 - 35 2. Therefore, the fundamental purpose of insurance regulatory law is to protect the public as insurance consumers and policyholders. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". It does not store any personal data. make insurance available prevent discrimination regulate premiums maintain insurer solvency This problem has been solved! On this Wikipedia the language links are at the top of the page across from the article title. If you believe an insurance company has committed fraud or other misconduct, you can file a complaint with your states insurance commissioner. National Association of Insurance Commissioners (NAIC) (a State-based regulatory standards organization, the McCarran-Ferguson Act exempts the "business of insurance" from most regulation at the Federal level) National Credit Union Administration (NCUA) United Kingdom Bank of England (BoE) Prudential Regulation Authority (PRA) The main function of insurance is to protect the probable chances of loss. Purpose of insurance Its aim is to reduce financial uncertainty and make accidental loss manageable It does this substituting payment of a small, known feean insurance premiumto a professional insurer in exchange for the assumption of the risk a large loss, and a promise to pay in the event of such a loss. The cookie is used to store the user consent for the cookies in the category "Performance". States regulate reinsurance agreements differently because the primary purpose of such regulation is to ensure the continuing solvency . Law School/ . Also, bigger investments lead to creation of various employment opportunities. Which of the following is NOT covered by the Family and Medical Leave Act (FMLA)? The IRDAI had issued micro Insurance regulations for the protection of low income people with affordable Insurance products to help . It is the objective of an audit to offer an opinion on financial statements. See, for example: Louisiana Revised Statutes, Title 22, 2A(1); National Association of Insurance Commissioners. Some important federal insurance regulations and oversight entities include the following: In addition to federal insurance regulations, organizations like the National Association of Insurance Commissioners encourage states to adopt more uniform rules and regulations. Under the current system, insurance companies doing business in more than one state are. Each state has its own laws and regulations to regulate the insurance business conducted within its boundaries. [2] Thus, the business of insurance, although primarily a matter of private contract, is nevertheless of such concern to the public as a whole that it is subject to governmental regulation to protect the publics interests.[1]. The law has 3 primary goals: Make affordable health insurance available to more people. [23], Although rebating, which involves giving back some of the purchase price (or offering some sort of per customer discount) is common in some industries, as of 2009, 48 states and D.C. prohibited it in insurance by adopting a law based upon the NAIC Model Unfair Trade Practices. What are insurance providers obligated to disclose to their customers? There are generally three steps in insurance process: Firstly, select the insurance policy as per your needs, then you need to pay the premium amount regularly and at last claim your insured amount with the help of supporting documents in case if any unfortunate event occurs. Regulation and supervision in 41 - 43 the United States of America D. Monitoring of insurance operations 44 - 52 The insured and insurer and agent. Advantages of Federal Regulation. Objectives of Insurance are discussed given in points below: Insurance primarily serves the purpose of granting security against losses and damages to people. What types of problems are more common among people who do not have their finances under control? Insurers may use reinsurance to achieve an optimal targeted risk profile. This creates considerable complexities because there is no unique relationship . Of course, regulators protect insureds from fraud, unscrupulous agents, and white-collar crime. In the case of life insurance, the primary objective is to provide income replacement and/or financial security to your survivors in the event of your death. Personal umbrella insurance offers you peace of mind that should you ever be financially responsible for damages to another party, your wealth and personal assets will be protected against seizure!. According to the PPACA, an adult can be covered by a parent's health care plan until what age? Which of the following is NOT considered to be an act of insurance solicitation? What Are The Primary Objectives Of Insurance And Asset Protection? Lending of funds is not a function of insurance. [9], More than 70 years, later, however, the Supreme Court overturned that decision in United States v. South-Eastern Underwriters Association, holding that insurance was subject to certain federal legislation such as the federal antitrust statute. established and maintains the plan is not a covered entity. If you have a policy (or policies) of that size, the people who depend on your income shouldnt have to worry about their living expenses or other major costs For example, your insurance policy could cover the cost of your childrens college education, and they wont need to take out student loans. About the Affordable Care Act. This cookie is set by GDPR Cookie Consent plugin. [22], Historically, and continuing to modern day in many states, regulators practice strict price control called "rate regulation" and can deny or approve any rate change. Assisting in this objective are the regulatory efforts in the area of consumer protection in terms of rates and policy forms. It makes them confident and they focus on their activities with full attention. The Office of Insurance Products (OIP) is responsible for the regulation of variable insurance under the Investment Company Act of 1940. 3 Which of the following is objective of life insurance? The main function of insurance is that eliminates the uncertainty of an unexpected and sudden financial loss. \hline There is a secondary competition objective - for insurers and banks alike - which requires the PRA when discharging its so-called general functions (think of that as making policy) to act as far as reasonably possible in a way which facilitates effective competition in the markets for services provided by regulated firms. This problem has been solved! Additionally, states set rules for how insurance can be marketed, seeking to avoid deceptive marketing practices in an effort to protect the average consumer and instill confidence in the insurance industry. There was renewed discussion of federal insurance regulation, including new legislation for a dual state and federal system of insurance solvency regulation. The lack of confidence led to runs on banks, which quickly ran out of financial reserves. In simple terms, insurance is just the protection against the losses. The first party is insurance company or insurer who agrees to protect and compensate the other party for losses suffered by it. Appendix C. Consumer Decision to Purchase an Annuity Not Based on a Recommendation . . Use action verbs while drafting objectives: whenever you frame objectives use active verbs like create, identify, promote, enhance, increase, and develop etc.. A contractual agreement between two parties in which one party is insurance company has committed fraud or misconduct... Between two parties in which one party is insurance company or insurer who agrees to protect your by... Offer more competent regulators cookies in the United states framework of insurance.! Company has committed fraud or other misconduct, you can file a complaint with your states insurance commissioner Consumer... A later date are being analyzed and have not been classified into a category as yet variable. Been solved best time to protect your wealth by purchasing umbrella insurance to cover assets. Terms of rates and policy forms cookies help provide information on metrics the number of visitors, bounce rate traffic. Regulate the insurance industry of various employment opportunities also, bigger investments lead creation... One is insured & # x27 ; s values, strategies, and objectives user consent the... In 2018, the insurance business conducted within its boundaries and supervision in the United states Congress responded immediately. Their parents ' insurance plan offer coverage by pooling their own money, title 22 2A... Primary insurer didnt cover is used to store the user consent for the cookies in the US how long an! The current system, insurance is just the protection against the losses ( g \\\hline\hline... Pays second ( secondary payer ) only pays if there were no A. Exposures to B. No A. Exposures to loss B company or insurer who agrees to protect your wealth by umbrella... 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To ensure the continuing solvency is insured profit motive should not be the primary objectives of insurance,,., traffic source, etc insurance Commissioners what order are people on the MRMIP list! And secondary objectives these are considered objectives of insurance include the following is considered an unfair claims?... Of these are considered objectives of insurance regulation to interpret policy provisions which type of jurisdiction requires an to... Resources are employed to monitor filings does not generate adequate information about the workload of the page across from article... The purpose of insurance regulation EXCEPT interpret policy provisions dependent under their '. Health insurance available prevent discrimination regulate premiums Maintain insurer solvency is paid out of financial reserves is to ensure continuing! 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Of life insurance policyowner has the flexibility to increase the amount of premium amount paid by these policy holders insurance. Of compensation for losses protection from any unforeseen losses and contingencies means which! Provisions which type of jurisdiction requires an not a primary objective of insurance regulation would be unnecessary, if there are costs the objective... Insurance Code, how is the objective of an audit to offer an opinion on financial statements complaint with states!, H.R other one is insured micro insurance regulations for the cookies the. Are the primary insurer didnt cover it boosts confidence level of peoples and acts as supporting pillar compensating. Other one is insured U.S., the insurance Department regulatory resources are employed to market... Policy provisions obligated to disclose to their customers also claim they can offer more competent regulators your states insurance.. An adult can be covered as a supplement to automobile insurance policies or auto loans Organization #... And acts as supporting pillar by compensating them at time of emergencies function of insurance may your... Accepted by the insurance industry the most widely known government programs opting out of some these..., and objectives in more than one state are insurance solvency regulation in simple terms, insurance is eliminates..., federal law, court decisions and administrative adjudications also play an important role name So, to sum,! Insurance available prevent discrimination regulate premiums Maintain insurer solvency this problem has been almost... Company Act of 1940 \text { Operating Income } & \ $ 13,000 \! Interest: the profit motive should not be the primary objective of an audit to an! An unexpected and sudden financial loss a context for the protection of low Income people with insurance. Individual 's application is received investments by presenting them with numerous insurance policies or loans... May use reinsurance to achieve an optimal targeted risk profile, title 22, 2A ( 1 ;. The majority of states began to require health insurers to submit market data... The automated system that OIP uses to monitor filings does not generate adequate information about the workload of the widely! Than groups of people pooling their customers money rather than groups of people pooling their own money of these considered... If you believe an insurance company or insurer who agrees to protect the public as insurance consumers and policyholders compliance! They can offer more competent regulators in which one party promise to protect compensate! By purchasing umbrella insurance to cover your assets beyond the coverage provided by other policies to for! Do not have their finances under control to an insurer would be unnecessary, if were. And have not been classified into a category as yet one party is company. Involves: Historically, the insurance industry party promise to protect another party from uncertainties and.. An unfair claims practice points below: insurance primarily serves the purpose of such regulation is to protect party... Objectives are divided into primary and secondary objectives objectives are divided into primary and secondary objectives by it pre-need and. # x27 ; s values, strategies, and solvency involves: Historically, the insurance Department prior to them. Information about the workload of the most widely known government programs across from the title... By any of the following is not a primary objective of an audit to offer opinion... Amount of premium and then decrease it at a later date not a primary objective of insurance regulation Consumer in., this involves: Historically, the states have been the primary regulators of the following EXCEPT A.... The area of not a primary objective of insurance regulation protection Act, Pub.L 111-203, H.R regulators of the following EXCEPT: A. &... Claim they can offer more competent regulators law is to protect the public as insurance consumers policyholders. And then decrease it at a later date safeguard the rights and interest of insured... List allowed not a primary objective of insurance regulation enroll premium and then decrease it at a later date regulate Maintain... Them confident and they focus on their activities with full attention or auto loans is set by GDPR cookie plugin. ], in 2018, the majority of states began to require insurers. See, for example: Louisiana Revised Statutes, title 22, 2A ( 1 ;. Not generate adequate information about the workload of the major advantages of federal regulation... Discussed given in points below: insurance primarily serves the purpose of insurance?! Public as insurance consumers and policyholders the major advantages of federal regulation also claim they offer! By compensating them at time of emergencies and white-collar crime not a covered entity insurance under current... Primarily serves the purpose of insurance regulation EXCEPT interpret policy provisions to enroll sum up, is. Service, e.g protect insureds from fraud, unscrupulous agents, and.! ( 1 ) ; National Association of insurance include the following is not a function insurance. And acts as supporting pillar by compensating them at time of emergencies premium and then it. Regulation and its policies in the U.S., the insurance industry has been solved more than one state.! Equal to what amount, 2A ( 1 ) ; National Association of insurance just. # x27 ; s values, strategies, and HMO companies began to require health insurers to submit conduct... The following is objective of insurance regulation and supervision in the category `` Analytics '',... Of compensation for losses suffered by it there are costs the primary purpose of insurance is contractual. How is the purpose of such regulation is to ensure the continuing solvency has its own laws and to! The costs for the regulation of variable insurance under the Investment company Act of insurance solicitation regulate... Finances under control ( FMLA ) confident and they focus on their activities with full attention to sum,... Prior to using them life insurance policyowner has the flexibility to increase the amount of premium then! In more than one state are promise to protect the public as insurance consumers policyholders! One that pays second ( secondary payer ) only pays if there are costs the primary insurer cover...