Government Regulation For Insurance In The 18th Century

“For example, the federal government regulates the quality of food and water, the safety of workplaces and airspaces, and the integrity of the banking and finance system.” (Bianco, Canon 2011, p 582) Regulations find out if the product is a market failure. There are two types of regulations, which are economic and social. “Economic regulations sets prices or conditions on entry of firms into an industry, where as social regulation address issues of quality and safety.” (Bianco, Canon 2011, p 582) Economic regulations are concerned with the price regulation of monopolies.

Benjamin Franklin helped to establish in 1752, what it would be the first mutual insurance company. For many years, the United States government never considered necessary to incorporate a system that would compensate their citizens in case any injury, accident or loss happen to them. It wasn’t until 1735 the first underwrote fire insurance company was created; in Charleston, South Carolina. Underwrite insurance companies are the ones, that analyze all the risk of insuring a particular person or asset and uses that information to set a premium pricing for insurance policies. But it took 20 years to create the first mutual insurance company, one in which policyholders would come together to share the risk.

The healthcare system prior to 1950 has gone through several major changes to make it better. For example surgery now is better than surgery in the 1800s because people have made discoveries to make surgeries easier, faster and more safe to have a better chance of success.

In general, a regulation is a rule employed in controlling, directing, or managing an activity, organization, and/or system. However, in relating to law, a regulation is a specific rule that is enforced by a regulatory agency. This is also known as administrative regulations. These regulations are created and passed to enforce statutory laws and policies. For example, the U.S. Department of Health and Human Services is an agency that administers federal health and welfare programs and activities. This agency created and enforces specific regulations for the Medicaid and Medicare programs. Although, there are many other policy issues and topics that this agency has established regulations

Health insurance began in the 1930’s when the Great Depression hit the United States. After the great depression it became very noticeable that health coverage was needed to protect the people and get them the health care treatment they needed. Too many people were dying of sickness and not able to afford the treatment. It wasn’t until the government tried to create some type of insurance to help with these costs. Medicare was created in 1965 for the elderly citizens. At that time there was also commercial and private insurance for Americans. “For years, clinicians have advocated for health insurance coverage for all Americans. Now, through the Affordable Care Act, the nation is one step closer to this goal. October 1, 2013, marks the

A rule is a principle to which someone would conform to inside an organisation. They ensure that operations run in a smooth manner. A regulation is written in law and put into effect by authority. They are needed by organisations for them to operate efficiently. They ensure people are treated with respect and without bias, and all procedures and standards are consistent, and that orders are followed.

"Federal regulatory agencies have been created over the life of the United States to deal with specific issues that affect citizens of all states or industries that engage in business across state boundaries. Federal regulatory agencies generate and enforce rules" (eHow Money). The law dictates their work. Regulatory agencies enforce federal laws and generate rules. These rules are necessary for effective enforcement.

The government in the early 1700s used words like “estate” and “order” and “condition” instead of our modern time use of the word “class”. Estate was then a function of birth. Those who were born were either noble or common. Noble status could either be acquired or lost through a lifetime. We will understand this society better if we begin by using the same vocabulary they did. Now, being born into money is an external possession, but being a noble or common was an inherent condition. For the political ideas, first of all, slavery was not abolished. The government earned its rights to become a model for the revolutions to come by bringing a new political thought that originated in england. This thought began in North America. It all began when

Farmers Insurance opened a tiny one-room office in Los Angeles, California in 1928. The company was formed by John C. Tyler and Thomas E. Leavey in order to serve local farmers and their vehicles. The two men “knew from experience that farmers and ranchers experienced fewer risks with their vehicles and were entitled to preferred rates” (Farmers Story, 2016). Tyler and Leavey used their own money to start their company and in order to obtain policy holders, they went from farm to farm.

There was a trodden in China in the old days, if a doctor wasn’t performing well and his patients either died or were not benefiting from the treatment a lantern was hung outside his home. A doctor was not just there to treat a patient, he was meant to help him stay healthy. Too many lights outside the house meant bad business for the doctor. That’s a simple but effective way of making people aware where to go or not go if you need health care. In today’s world, when the stress of modern lifestyle is churning out more patients than successful individuals it’s not easy to find out or identify where would you get good healthcare services.

In understanding regulatory agencies the differences between regulation and legislation needs defining. Legislation is the law that has been passed by a voting process and regulation is the responsibility of the regulatory board appointed to enforce laws once the law is passed; it sets forth rules on how the laws are to be implemented and to what degree. In health care the Department of Health and Human Services (HHS) has the predominant responsibility to enforce legislation that impacts the health and well-being of Americans. Under the umbrella of HHS there are 13 regulatory agencies tasked with setting rules on the enforcement of the legislation passed by lawmakers.

An individual mandate was established, making it a requirement to buy insurance or end up paying a penalty fee. This mandate was put into effect to keep healthy people from holding off on buying insurance until they were sick. This way insurers didn’t have to pay more money in the long run due to increase claims.

The Government is a very important body as a stake in the health-care sector. Policies, Acts, and reforms are enacted and passed by the Government for adequate and better healthcare to meet the needs of its people. Insurance policies are one of the many ways that most States use to provide affordable and quality health care to every citizen. Although some of the laws may not have had a great impact towards the health-care, many have improved the services offered to the health-care consumer (Schmeer, 2016). Moreover, the government is also responsible for developing up policies which help in regulating the health

Every year when disaster or tragedy strikes, there are dedicated public insurance adjustors who assist their clients with protecting their policyholder rights and obtaining a fair value for insurance claims. Below explains the top four benefits of using a public insurance adjustor.

Regulation is a topic that has been debated for many years and will continue to be debated for years to come. In the business and finance sector, there are many regulators including but not limited to the Australian Securities and Investment Commission (ASIC), Financial Reporting Council (FRC), Australian Prudential Regulation Authority (APRA) and the Australian Accounting Standards Board (AASB). While these are only a few regulatory bodies in the industry, they all have their own set of regulations to enforce. ASIC, for example, regulate the Corporations Act 2001 along with the Australian Accounting Standards. While ASIC ensure that organisations adhere to the regulations laid out before them, the AASB create and develop those