Insurance law is the practice of law surrounding insurance, including insurance policies and claims. Insurance Law covers the business of insurance and how insurance claims of the individuals are handled. Insurance lawyers work to represent clients paying premiums to insurance companies to get financial protection against certain types of losses as well as the insurance companies. An insurance lawyer helps a person whose insurance claim has been denied or whose insurance company has practiced bad faith insurance or health insurance fraud. He also helps a person to make an insurance claim for actual and consequential damages as well as punitive damages.
Insurance in India
Insurance in India refers to the market for insurance in India which covers both the public and private sector organisations. Insurance is listed in the Seventh Schedule of the Constitution of India as a Union List subject, which means it can only be legislated by the Central government. In India, the insurance industry is regulated and developed by an autonomous apex statutory body, i.e., Insurance Regulatory and Development Authority of India. It was constituted under the Insurance Regulatory and Development Authority Act, 1999. The Insurance Act of 1938 was the first legislation governing all forms of insurance to provide strict state control over insurance business. Life insurance in India was completely nationalized on 19 January 1956, through the Life Insurance Corporation Act. As a result, all 245 insurance companies operating then in India were merged into one entity, the Life Insurance Corporation of India.
Job description of Insurance Lawyers
Insurance litigation lawyers handle many different types of insurance-based claims. They can be either prosecutors or defense lawyers and cover both defense and prosecution cases having to do with commercial risk policies, insurance contracts, and environmental coverage. The cases which an Insurance lawyer handles might include workers’ compensation claims, car accidents or wrongful death claims. Many different types of insurance litigation lawyers perform various tasks on specific cases. For example, insurance subrogation lawyers deal with things such as workers’ compensation, group health, and uninsured motorist lawsuits. Also, insurance lawyers may be hired to oversee the writing of new contracts to ensure that they are legally sound.
Other duties of insurance lawyers include:
- Advising management of insurance company on legality of insurance transactions
- Advising claims department personnel of legality of claims filed on company to ensure against undue payments
- Case investigation including assembling facts and evidence to support their claims
- Studying court decisions, and recommending changes in wording of insurance policies to conform to law or to protect company from unwarranted claims.
- Advising personnel engaged in drawing up of legal documents, such as insurance contracts and release papers.