Question

The regulation of insurers in areas that affect consumers, which include claims handling, underwriting, complaints, advertising, sales practices, and other trade practices is called?

1) Consumer protection
2) Insurance regulation
3) Trade practices regulation
4) Insurer oversight

Answer 1

Consumer protection

Step-by-step explanation:

The regulation of insurers in areas that affect consumers, which include claims handling, underwriting, complaints, advertising, sales practices, and other trade practices is called Consumer protection.

Consumer protection ensures that insurers adhere to fair and ethical practices, providing consumers with transparency and safeguards against unfair treatment or misleading information.

This includes regulating how insurers handle claims, conduct underwriting processes, address customer complaints, advertise their services, and engage in sales practices.