What is Insurance?
Insurance is, “a contract whereby, for a stipulated consideration, one party undertakes to compensate the other for loss on a specified subject by specified perils. The party agreeing to make the compensation is usually called the “insurer” or “underwriter;” the other, the “insured” or “assured;” the agreed consideration, the “premium;” the written contract, a “policy;” the events insured against, “risks” or “perils;” and the subject, right, or interest to be protected, the “insurable interest.” (Black’s Law Dictionary 946. 4th Ed. Rev. 1968)
An insurance policy is a contract in which an individual or entity (the policyholder) pays an insurance company (the insurer) in regular payments in exchange for financial protection over specific risks or losses. For example, medical insurance helps to cover medical costs, such as hospital visits, hospital stays, and medications. Similarly, auto insurance helps to cover damages incurred from car accidents. Insurance payments are known as premiums. Insurance contracts typically limit the amount of costs that an insurance provider may be required to pay.
The McCarran-Ferguson Act (15 U.S.C. § 1011) grants many aspects of insurance regulation to individual state governments. However, federal laws like federal taxes do apply to insurance, and must be acknowledged. Insurance is important to the legal system, as it helps protect individuals, those who cause harm to individuals through negligence, and any third party that is faced with the burden of compensating for an injury.
More information about Insurance
What Does it Mean When You Stack Your Auto Insurance Policies?
Understanding Stacked Car Insurance
It is estimated that 12.6 percent of motorists on the road in 2019 were driving without car insurance. That equals to approximately one in eight drivers are behind the wheel without insurance. Not only is this illegal and dangerous, but getting into an accident can be costly to all involved.
If you get into a severe car accident in Pennsylvania with an uninsured motorist, your first concern may be how will you pay for your medical expenses. Will you be stuck with the bill?
Fortunately, there are provisions in your insurance policy that will pay for any of the injuries you may receive. And if your underinsured and uninsured motorist coverage is stacked, then you won’t have to worry about paying for the large medical bills.
But what is stacked insurance? […]
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Can I Sue After a Car Accident If I Was Not Hurt?
What Options Are Available After A Car Accident With No Injuries?
Everyone knows that if you are injured in a car accident, you have the option to file a lawsuit against the other driver. But what happens if you only suffer damage to your vehicle? Can you sue the other driver?
Even if you suffered no physical injuries during an accident caused by the negligence of another driver, you could still recover property damage costs. If your insurance company refuses to repair or replace a car you suffer heavy damage you might need to seek court action to have them repaired or replaced.
Understanding your legal rights after a car accident is paramount. Please note that Munley Law handles personal injury cases only.
Filing Car Accident Claim with Insurance Company
The best way to ensure you recover compensation and financial losses from insurance companies or liable parties in your car accident property damage settlement is to hire an experienced car accident property damage lawyer. […]
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Occupational Illness & Injury in Pennsylvania
In Pennsylvania, about 122,000 workers suffered occupational illnesses or injuries in 2019. Each year, more than 100,000 Pennsylvania employees experience an occupational injury on the job or in accidents related to their work. Unfortunately, 71 workers were killed on the job in Pennsylvania.
All of these workers are covered by the Pennsylvania Workers’ Compensation Act. Under this workers’ comp law, all work injuries and illnesses resulting in death, permanent impairment, or loss of time beyond a day or shift are covered. This means that any employee who suffers a work-related illness or injury may be eligible to receive compensation for his losses, including money to pay for lost wages, medical expenses, or disability. In addition, family members of workers who suffer a fatal injury and die may receive compensation to help them get back on their feet after the death of their loved ones.
If you or a loved one suffered a workplace injury, […]
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What is Discovery?
Understanding your lawsuit’s discovery phase
If you recently filed a lawsuit, then you likely have questions about how your case will progress. Clients often ask our attorneys about discovery. In fact, most civil plaintiffs and defendants have never heard of the discovery phase of a trial. They have no idea what discovery is. As such, our award-winning personal injury team is here to explain discovery and what you can expect during this phase of litigation.
According to the American Bar Association, discovery is “the formal process of exchanging information between the parties about the witnesses and evidence they’ll present at trial.” In other words, it is a mechanism for obtaining the info and evidence that you need to win your case.
The phases of a civil trial
In order to fully understand the discovery phase, […]
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Pennsylvania Car Insurance Requirements
If you suffer a car crash in Pennsylvania, the right car insurance can make all the difference
Follow these tips from the nation’s leading car and truck accident lawyers
In truth, nobody wants to think that they will ever crash their car. We all think it can’t happen to us. However, the Centers for Disease Control & Prevention (CDC) reports that there are 6 million motor-vehicle accidents in the United States every year. Of that 6 million crashes, 3 million Americans suffer serious injuries. Over 36,000 drivers and passengers die each year. Pennsylvania drivers must carry car insurance by law. However, choosing the right auto insurance is a whole separate matter. In the event of a catastrophic automotive crash, the right auto insurance can make all of the difference. To help you choose the type fo car insurance that is right for you, […]
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