Rate Regulation
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Please list and discuss the three main categories that private insurance in the U.S. is classified into.
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The solution discusses the rate regulation. The three main categories that private Insurance in the United States is classified into is determined.
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Rate Regulation:
The private insurance in the United States provides insurance protection that can be trusted by the citizens. The government offers regulation to these insurance companies to reduce any acts of customer exploitation. The insurance rates of the companies are regulated in the following manner; the rates that are provided through the payment of the premiums should be adequate. This means that the company has to pay out the clients in the event of a claim when the risk has occurred. The other mode that the insurance companies are regulated is through by the act of ensuring that the rates are not excessive. The insurance company has to be hold rates that are relative to activities that are being rendered. The rates are not to be discriminatory implying that they should be able to reflect the differences that exist between the expected claims and the expenses (Classification of, 2011).
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