How does the law protect insurance policyholders?

In Maryland, the law protects insurance policyholders in a variety of ways. The most important protection is that insurance companies must act in good faith when dealing with their policyholders. This means that they must be honest and act in their customers’ best interests, rather than act solely for the benefit of the company. Another way that policyholders are protected is through coverage requirements. Insurance companies must provide specific types of coverage that are laid out in the law. This ensures that policyholders aren’t left without necessary insurance in the event of an accident or other damage. The Maryland Insurance Administration is responsible for monitoring and regulating the insurance industry in the state. This agency ensures that companies are following the law and provides a way for policyholders to file complaints if they feel they were treated unfairly. Finally, policyholders in Maryland are protected from discrimination. Companies are not permitted to discriminate on the basis of gender, race, age, or other protected categories when determining premium rates. Overall, Maryland law provides policyholders with important protections. They can rest assured that their insurance company is acting in their best interest and that they are not being discriminated against.

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How does the law protect insurance policyholders?

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