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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Who Gets the Money in a Wrongful Death Lawsuit?
If you have recently lost a loved one in a tragic accident, you may be wondering how a wrongful death claim works and who gets the money. Wrongful death settlements are paid to the family members following a victim’s death due to someone else’s negligence. When an immediate family member, like a parent or spouse, dies, there is a huge financial and emotional impact. Wrongful death suits work to provide financial support to those who were dependent on the decedent.
Understanding Wrongful Death Lawsuits
Wrongful death claims are a type of civil lawsuit where a deceased person’s surviving family members can recover damages if their loved one’s death was the result of another person’s wrongful act, neglect, unlawful violence, or negligence. While the most common wrongful death lawsuits are related to car accidents and motorcycle accidents, […]
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Is the Driver Always at Fault in a Pedestrian vs Car Accident?
Determining fault in pedestrian-vehicle accidents involves complex factors, as both drivers and pedestrians have specific responsibilities when using roadways. Pennsylvania’s comparative negligence law helps establish liability when both parties may share responsibility for an accident.
Understanding Fault in Pedestrian-Vehicle Accidents
Understanding road rules is critical for both drivers and pedestrians to navigate traffic situations. Drivers must yield right-of-way to pedestrians in crosswalks and be vigilant, especially in heavy traffic areas. Pedestrians must obey traffic signals, cross at designated crosswalks, and remain alert.
Pennsylvania’s Comparative Negligence Law
The law in Pennsylvania follows the approach known as comparative negligence. This means that if the pedestrian and driver are partially at fault in the event of a car accident, the damages recovered in the lawsuit may be reduced depending on the percentage of fault allocated to each. […]
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The Importance of Gathering Evidence in a Personal Injury Lawsuit
When filing a personal injury lawsuit after an accident, gathering comprehensive evidence strengthens your position and can significantly impact your compensation. While collecting evidence might seem overwhelming, an experienced personal injury attorney can guide this process, ensuring no critical details are overlooked. Multiple expert opinions and diverse forms of evidence enhance your case and help establish the facts.
Key Types of Evidence and How Your Attorney Can Help
Photographs and Video Evidence
Visual documentation from cell phones or cameras often provides the clearest evidence of liability. These raw, unaltered records help insurance adjusters and attorneys understand what occurred during the incident. Your attorney will know what details need photographic documentation. The immediate accident damage provides only part of the story. Environmental conditions can impact liability significantly. Road conditions may have contributed to the incident. […]
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Personal Injury Claims: What to Expect
Getting hurt in an accident can turn your life upside down. Understanding how personal injury claims work will help you get the compensation you deserve while focusing on your recovery.
How Long Do Most Personal Injury Claims Take?
Most personal injury claims take four to 12 months to wrap up, though some cases might need more time. The timeline depends on how serious your injuries are, who was at fault, and whether the insurance company works with you or against you. If your case goes to court, it could take longer than if you settle outside court.
It’s smart to wait until your doctors say you’re as recovered as you’re going to get before settling. This way, you’ll know what your long-term medical needs and costs will be.
How Does the Claims Process Work?
The personal injury claims process is straightforward – […]
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Can I Sue the Insurance Company for Delaying a Claim?
Accepting the first settlement offer an insurer makes when filing a personal injury claim, auto claim, or other such claim is often unwise. An insurance company’s initial settlement offer may not represent the full amount of compensation you deserve.
However, once you do accept a settlement amount, you may expect the insurance company to issue a check relatively shortly after. Perhaps this hasn’t happened.
An insurance company may not be engaging in good faith practices if it is delaying payment unreasonably. Speak with our personal injury team at Munley Law to learn more about your options in these circumstances.
Understanding Insurance Bad Faith
There is an implied contract between an insurer and a client. Per this implied contract, the insurance company theoretically agrees to operate in good faith, […]
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