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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What Is the Difference Between a First-Party and Third-Party Claim?
When you are involved in an accident, you may wonder where you’ll get the compensation needed to recover. Is it your insurance who foots the bill or the other parties who may be at fault? Further, can you still file a lawsuit if you have insurance? First-party and third-party insurance claims are similar in what you can recover in many ways–the key difference is in who is held liable.
Here is what you need to know about first-party and third-party insurance claims.
What Is a First-Party Claim?
In essence, a first-party insurance claim is one where you as the victim of an accident or injury make a claim against your insurance. This means you’ve paid and have an insurance policy for such events and will recover compensation from that policy.
If you have insurance, a first-party claim allows you to notify your insurance company of the accident and from there, […]
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Third Party Claims & Workers’ Compensation Lawyer in Philadelphia
No one wants to experience an injury at work, but the unfortunate reality is that sometimes, these things do happen. Some jobs pose a much higher risk of injury than others; for instance, logging workers, roofers, and truck drivers experience a much higher rate of injury at work than most other people. In 209, CNBC reported that truck drivers experienced fatal injuries at a rate of 26 per 100,000.
This is in stark contrast to the overall average rate of workplace injury in the US that year, which was just 3.5 per 100,000. Refuse and recyclable material collectors are statistically even more at risk, with the most common source of injury coming from transportation incidents. In the state of Pennsylvania, construction workers have historically made up nearly a quarter of all workplace fatalities.
Whether you work in one of these industries or in a different field altogether, […]
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Third Party Claims & Workers’ Compensation Lawyer in Hazleton
If you have sustained an injury or occupational disease or death while at work, you are likely exhausted and overwhelmed. And you are not alone; in fact, a report from the Bureau of Labor Statistics stated that, in 2020, “there were 2.7 million nonfatal workplace injuries and illnesses reported by private industry employers.” The good news is that you are very likely eligible to receive workers’ compensation, which can relieve some of your financial burden and cover things like medical bills and lost wages.
In addition to filing for workers’ compensation, you may also be wondering if you’re able to sue a third party who played a role in your accident or injury. If you were injured in the Hazelton, PA area, and a third party (meaning anyone outside your employer and coworkers) was involved in your case, the answer is most likely yes. Did a piece of machinery malfunction? […]
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Does Filing A Workers’ Compensation Claim Affect Employment?
Worker Compensation Claims and Employment
There are regulations guiding what employers can and cannot ask you when searching for a new job. Worrying about the pain and suffering caused by an on-the-job injury can be stressful. Many employees also worry about how a previous workers’ compensation claim will affect future employment prospects. The reality is that all workers have the right to seek compensation for their injuries. Furthermore, prospective employers should not judge you based on prior injuries or claims made with the workmans’ comp insurance system.
According to the Bureau of Labor Statistics, there were 2.7 million nonfatal injuries and illnesses in private workplaces. While that was a decrease from the previous year, that’s still a significant number of employees who faced hardship due to on-the-job injury. A workers’ compensation claim shouldn’t prevent you from gainful employment or caring for your family in the future. […]
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Will My Employer Pay for an Employee Who Is Out On Workers’ Compensation?
On-the-job injuries affect both you and your family, causing immense pain and suffering while making it difficult to pay your bills. Lost wages, medical bills, and the inability to go to work can cause you and your loved ones all kinds of stress. But while you may be the beneficiary of one of several workers’ compensation programs, according to the U.S. Department of Labor, there are various types of benefits provided to workers injured on the job; you may be wondering whether or not your employer will continue to pay you, too.
Employers do not continue to pay their employees while they are receiving workmans’ comp. Instead, injured workers receive periodic or lump-sum payments from a workers’ compensation insurance plan. The plan will usually provide you with a percentage of your paycheck, giving you and your family the ability to pay your bills and live your life while you are unable to work. […]
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