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.
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Munley Law Earns Tier 1 Rankings From Best Law Firms® in 2025
Munley Law is pleased to announce it has been recognized in the 2025 edition of Best Law Firms® in five practice areas.
Founded in 1959, Munley Law is a national leader in personal injury law. Our personal injury lawyers have been listed in Best Lawyers in America® and Pennsylvania Super Lawyers® and have earned board certifications from the National Board of Trial Advocacy.
Munley Law received the following Regional Tier 1 rankings in the 2025 Best Law Firms® for Northeastern Pennsylvania:
- Personal Injury Litigation – Plaintiffs
- Workers’ Compensation Law – Claimants
- Medical Malpractice Law – Plaintiffs
- Product Liability Litigation – Plaintiffs
- Insurance Law
Earlier this year, nine of our personal injury attorneys were named to The 2025 Best Lawyers in America® list. […]
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Honesdale Truck Accident Lawyer
With its strategic central location and access to major highways, airports, and busy warehouses and factories, Northeast PA is a center of commercial activity. Our roads and interstates are lifelines for commerce but can also be sites of serious truck accidents. If you or a loved one has been injured in a truck crash in Honesdale, you will need an experienced truck and car accident lawyer.
The team at Munley Law understands the challenges faced by individuals and families dealing with the aftermath of trucking accidents in Honesdale and NEPA. We are a second-generation family of personal injury attorneys. NEPA is our home, and our clients are our neighbors. For 65 years, we have fought for PA accident victims and won record-breaking settlements. Let us fight for you.
How a Honesdale Truck Accident Attorney Can Help You
The consequences can be devastating when you’re involved in a truck accident in Honesdale, […]
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Nursing Home Abuse Lawyer
If you or your loved one has experienced nursing home abuse, Munley Law’s nursing home abuse lawyers are here to help. For many elderly individuals, moving to a nursing home facility brings anxiety and sadness. While we hope they’ll discover opportunities for socialization and round-the-clock care, neglect unfortunately occurs far too frequently. With 65 years of experience representing personal injury victims, our team provides powerful advocacy for residents who feel voiceless.
Call today for a no-obligation, free consultation.
The Types of Nursing Home Abuse
Nursing home abuse occurs when nursing home staff or other employees of a long-term care facility mistreat residents, causing them harm.
According to the World Health Organization (WHO) one in six people 60 years and older have been abused in a community care setting over the last year, with two out of three living facility staff admitting to elder abuse. […]
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What Is an Aggravation of a Preexisting Condition or Injury?
You may be eligible for compensation if you were injured on the job or in an accident resulting from the negligence of another party. You can seek compensation by filing an insurance claim or lawsuit.
However, your case may be uniquely complex if you have a preexisting condition. Along with compensation for any new injuries you may have sustained, you may also deserve compensation for the aggravation of a preexisting condition. Proving you deserve this compensation could be challenging, though.
Understanding Aggravation of a Preexisting Condition
What is an aggravation of a preexisting condition or injury? In a legal context, aggravation of a preexisting condition means that the condition was made permanently worse. This differs from exacerbation. When someone sustains an exacerbated injury, their previous injury temporarily worsens. However, said preexisting injury is likely to return to its previous state over time. […]
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Average Settlement for a Pedestrian Hit By a Car
Pedestrians are often far more vulnerable than motorists when navigating busy cities and towns. In a car, a motorist or passenger is surrounded by a steel frame that absorbs the shock of impact during a collision. A pedestrian is not afforded nearly the same degree of protection.
You may deserve compensation if you’ve been harmed in a pedestrian accident you believe resulted from the negligence of another party. Although settlement amounts can be substantial in these cases, as injuries in a pedestrian accident are often serious, the “average” settlement after a pedestrian accident varies widely. Factors like whether a victim has proper representation can play a significant role in the outcome of a case.
Still struggling with the physical and emotional aftermath of being struck by a vehicle, wondering if legal action is your next step? At Munley Law, our pedestrian accident attorneys have guided countless pedestrians through this exact situation, […]
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