Insurance generally refers to a legally enforceable contract—known as an insurance policy—in which an insurance company (the insurer) agrees to (1) defend the person or entity who purchased the policy (the insured) against future claims or lawsuits; and (2) pay for losses (usually financial) that are covered under the written terms of the insurance policy.

These two primary legal obligations of an insurer under a liability insurance policy are known as the duty to defend and the duty to indemnify.

Insurance may be purchased to cover a wide range of future claims or losses—ranging from health insurance to pay future medical expenses, to commercial general liability (CGL) to cover future claims and losses incurred by a business.

In Alaska, as in other states, insurance is regulated by both state statutes and federal law. The Alaska Division of Insurance oversees the insurance industry to ensure compliance with state insurance laws and regulations. The duty to defend and the duty to indemnify are fundamental obligations of an insurer under a liability insurance policy. The duty to defend requires the insurer to provide legal defense for the insured against claims or lawsuits that fall within the scope of the insurance coverage. The duty to indemnify means the insurer must pay for any covered losses or damages incurred by the insured. Insurance policies in Alaska can cover various risks, including health insurance for medical expenses and commercial general liability (CGL) insurance for business-related claims and losses. Policyholders in Alaska are protected under the Alaska Insurance Code, which sets forth the requirements for insurance contracts, the rights of insured individuals, and the responsibilities of insurers. An attorney specializing in insurance law can provide specific guidance on insurance matters in Alaska.