Question

I need help for a discussion, this is the prompt.

Insurance is a complicated tople. We use Insurance to protect against the risk of financial loss in various areas of our lives including but not limited to property insurance life Insurance, health insurance, and life insurance. Your post in the discussion worth 10 points, will include the following items • The government heavily regulates the insurance Industry and in some cases legislates that insurance coverage is mandatory. It is currently mandated that individuals have health insurance through the Affordable Care Act, though penalties for non-compliance have been recently removed. If a person chooses to own and operate a motor vehicle liability Insurance is legally mandated by almost all state governments. Do you think it is appropriate for the government whether federator state) to require consumers to purchase Insurance? Why or why not? • As a consumer of insurance services, what are some of your thoughts on purchasing nurance? How do you go about shopping around for services to these or do you? How would you choose insurance coverage for yourself identify the three important factors you consider in your insurance decision making processes

Answer 1

To answer your first question, it is appropriate for government to mandate the purchase of insurance. Because insurance protects every individual to get compensated for any losses they incur in future. It helps them secure and protect them. Imagine a situation where individual saves money from past 20 years and suddenly due to some accident, he has to spend all his savings. Same is the case with motor insurance, third party insurance is mandatory so that incase someone gets involved in accident due to us. Instead of we paying hefty amount to that individual, he is insured through third party insurance.

When selecting an insurance, you look at factors. How easy it is easy to claim the amount. The process should be seamless. Terms and conditions mentioned in the insurance. What is the premium we are being charged for the insured amount. How is the accessibility. What has been the past reviews of the insurance provider. So on. There are n number of factors we consider while opting for any insurance.