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
Pittsburgh Distracted Driving Accident Lawyer
Distracted Driving is Dangerous. Our Pittsburgh Distracted Driving Accident Attorneys Can Help.
When a driver takes their eyes, or mind, off the road for even a few seconds, the consequences can be devastating. Driving requires various types of focus and attention, including keeping your eyes on the road, your hands on the wheel, and your mind focused on the act of driving. When a driver fails to do any of these actions and causes a car accident, the injury victim has the right to file a personal injury lawsuit against that driver.
If you or a loved one has experienced a motor vehicle accident that involves a distracted driver in Pittsburgh, you very well may be eligible for compensation. Contact one of the experienced Pittsburgh distracted driving accident attorneys at Munley Law today for a free case evaluation, and to learn how our Pittsburgh car accident lawyer can help protect your rights. […]
Read MoreMore information about Insurance
What Are the Causes of Jackknife Truck Accidents?
Can You Avoid a Jackknife Truck Accident?
A jackknife accident is exclusive to involving semi-trucks and tractor-trailers, and can range from creating minor or major damages; often, the outcome of these accidents is significant and devastating. The causes for these types of accidents vary, but the consistent factor is that an environmental or mechanical fault instigates the truck to jackknife at the sudden onset. Commercial trucks can weigh more than 80,000 pounds and are 25 times the size of an average passenger vehicle. Needless to say, the impact and force of such an accident can bring about serious injuries, especially to passenger car victims.
If you or your loved one have been involved in a jackknife truck wreck, contact an experienced truck accident lawyer to seek compensation from the truck driver, trucking company, or others that may be potentially negligent in the truck accident. […]
Read MoreMore information about Insurance
Defective Truck Parts Can Cause Trucking Accidents
Are Defective Truck Parts a Problem?
Trucking accidents are a serious issue that can cause harm to many people on the roads in Pennsylvania. When big commercial trucks collide with passenger vehicles, the results can be devastating. Unfortunately, sometimes the cause of these accidents is due to defective truck parts, such as tire problems and faulty brakes.
In this blog post, our truck accident lawyer discusses what faulty vehicle parts are, how defective parts can cause many truck accidents, and why it is important to hold those responsible accountable for the harm they have caused. If you get into a truck accident caused by a defective truck part, our trucking accident lawyers at Munley Law are here to help. Contact us today to schedule a free consultation.
What are Defective Truck Parts?
Defective parts are parts of a truck that don’t work properly or are faulty. […]
Read MoreMore information about Insurance
Reading Workers’ Compensation FAQs
What is Workers’ Compensation?
Workers’ compensation is a state-sponsored insurance program that provides compensation for workers suffering injury or illness. Pennsylvania workers’ compensation was mandated in the 1914 Pennsylvania Workers Compensation Act as a safety net for individuals who become injured or sick as a result of job-related duties or conditions. Workers’ compensation benefits exist to pay for medical expenses and lost wages when you suffer a work-related injury, become ill, or aggravate an existing injury or disease while on the job.
All PA employers are obligated by the Commonwealth to carry workers’ compensation insurance for their employees. Most employees are covered by workers’ compensation regardless of their status as part-time or full-time and regardless of their immigration status. Whether you are a full-time, part-time, seasonal, or immigrant worker regardless of your immigration status who was injured or became sick while on the job, […]
Read MoreMore information about Insurance
Fighting the Insurance Company After a TBI
Why You Need a Personal Injury Lawyer to Help Fight the Insurance Company After a TBI
We don’t often think about the brain and the hundreds of thousands, if not millions, of different ways we use it every day. But break down each part of your day into its component parts and you begin to see just how much your brain does for us.
Even making your morning coffee becomes a multi-faceted, complex operation your brain runs each and every day. Even more fundamental than that, your brain directs your body to do numerous things that we never even think about: it makes sure that you breathe, it tells your heart to beat, and it directs your body to digest the food that you eat.
So what happens when you or someone you love suffers a traumatic brain injury (TBI), […]
Read More
