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
How Do You Prove a Traumatic Brain Injury?
Whether you were hurt in a car accident, workplace accident, or another personal injury case, receiving a diagnosis of a traumatic brain injury (TBI) can be scary. With more than 64,000 TBI related deaths in 2020 alone, you or your family will be fighting to ensure the proper care is given for the injured victim. But if you were injured as a result of someone else’s negligence, how do you prove a traumatic brain injury was suffered?
At Munley Law Personal Injury Attorneys, we represent personal injury victims and their families who have suffered a traumatic brain injury and now are fighting for compensation from the insurance companies, or the liable party. If you suffered from a TBI following a car accident, workplace accident, or another event, call Munley Law Personal Injury Attorneys. We can help. […]
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How Long Does It Take Lyft to Investigate an Accident?
With the increased utilization of rideshare services, it’s no wonder there has been an increase in the amount of accident fatalities. One study concluded that from 2011 to 2016, there was an increase in occupant and pedestrian fatalities of two to three percent.
Suppose you are injured in a car accident while a passenger in a Lyft or in a collision with a Lyft driver. In that case, you may wonder how long it takes to investigate an accident and, ultimately, allow you to secure compensation. The Lyft accident lawyer of Munley Law is here to explain.
How to Report An Accident With Lyft
According to Lyft’s website, for riders or other drivers involved in collisions with a Lyft driver, you should call 911 if the accident is severe. As a passenger in the Lyft, […]
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Speeding Accident Lawyer
Car Accident Lawyers Helping Victims of Speeding-Related Crashes
Speeding causes thousands of deadly crashes every year. Excessive speed increases the likelihood that a driver will lose control of their vehicle and cause a crash. What’s more, collisions that occur at a high rate of speed result in more injuries and are more likely to be fatal.
If you were injured in a car accident with a driver who was speeding or driving aggressively, that driver should be held responsible for the harm they’ve caused. However, you will still need to prove that the other driver was at fault for the crash and the economic and noneconomic damages you have suffered. Even if your case seems straightforward, insurance companies are unlikely to provide maximum compensation unless you have legal representation. That’s where a car accident lawyer at Munley Law Personal Injury Attorneys can make a big difference. […]
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What Does it Mean When You Stack Your Auto Insurance Policies?
Understanding Stacked Car Insurance
Understanding Stacked Car InsuranceIt 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? And why is it beneficial to stack your uninsured and underinsured motorist coverage? […]
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Workers Compensation for East Coast Logistics Warehouses Injuries
According to the Bureau of Labor Statistics, in 2020 alone, employers reported 2.7 million injury and illness cases in private industry. With a reported 3.4 million people employed in the warehousing and storage industry, many of these workplace accidents occur in warehouse settings. And some happen right in our own region.
If you or a loved one are employed by East Coast Logistics Warehouse or another warehouse in NEPA, the workers’ compensation lawyers of Munley Law Personal Injury Attorneys are here to help. Workplace accidents happen, but that doesn’t mean you have to suffer without workers compensation.
About East Coast Logistics Warehouses
East Coast Logistics and Distribution, Inc. is a third party logistics company located in Northeastern Pennsylvania. With three distribution centers, the facilities are located near major highways in PA including in:
- Mountaintop, […]
