What is the main purpose of "insurance law"?

The main purpose of insurance law is to govern the rights and responsibilities of both insurers and the insured. This legal framework ensures that there is a clear understanding of the obligations each party has under an insurance policy. It outlines how contracts are formed, the duties of insurers to pay claims, the responsibilities of policyholders to disclose relevant information, and the remedies available in cases of breach.

This aspect includes defining the parameters of coverage, exclusions, and the general conduct expected from both parties during the life of the insurance contract. By establishing these rights and responsibilities, insurance law promotes fairness and encourages compliance with legal and ethical standards within the insurance market.