Briefly explain the role of the courts and the law in providing consumer protection relative to insurance products
What will be an ideal response?
A great amount of consumer protection is provided by the laws (insurance code) and the courts. The role of the insurance code or law is to provide the rules of playing the game and tries to provide a "fair" playing field between the insurer and insured. The code therefore protects all consumers globally in this manner. The role of the courts is to address individual grievances. If the consumer feels an unresolved injury occurred, the courts are used.
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