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
Commercial Drivers, COVID-19, and Workers’ Comp
We rely on truck drivers and commercial delivery drivers for the food, medicine, household supplies, and other goods we use every day. Never has that been more clear than now, as the U.S. battles the coronavirus pandemic. From personal protective equipment to groceries and toilet paper, we have what we need to survive all thanks to these drivers.
Trucking has always been a tough job, and that’s especially true in times of crisis. Drivers may wonder: will the pandemic affect my eligibility for workers’ comp if I get hurt? What are my options if I get sick with COVID-19 while working?
If you’re hurt on the job (in a crash, at the delivery location, loading or unloading your truck…), you have the right to collect workers’ compensation benefits, even during a national emergency. If you worry about your claim being denied by your employer or their insurance company, […]
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Bloomsburg Car Accident Lawyer
Have you been injured in a car accident in Bloomsburg? Contact a car accident lawyer at Munley Law Personal Injury Attorneys today for a FREE consultation.
When you or your loved one have been injured in a car accident in the Bloomsburg area, your choice of legal representation matters. The car accident attorneys at Munley Law Personal Injury Attorneys have a long history of winning cases. Our lawyers have earned national recognition for their success, and have been named among the Best Lawyers in America (via Best Lawyers), Pennsylvania Super Lawyers, and the nation’s Best Law Firms (U.S. News and World Report).
For more than 60 years, the car accident attorneys at Munley Law Personal Injury Attorneys have been handling auto accident claims for injured victims and their families in Columbia County and beyond. We know fighting the insurance company on your own is an uphill battle. […]
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Property Damage from a Car Accident
Property Damage Claims After a Car Accident
One of the most common questions people ask after a car accident is: How can I get my vehicle fixed? Who is responsible for repairs? Do I need a lawyer?
If your vehicle sustained damage in the accident but you were not physically hurt, then, fortunately, you won’t need a personal injury lawyer. Property damage claims are usually faster and easier to resolve than personal injury claims. In fact, most property damage claims can be handled without an attorney. But we understand that getting your vehicle up and running again can be very stressful. Here’s what you can expect with a property damage-only claim.
Vehicle property damage claims may include:
- Repairs to your vehicle
- The market value of your vehicle if it is a total loss (totaled)
- Related costs such as vehicle rental and towing
In most cases, […]
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What is “PIP” coverage on my auto insurance policy?
One of the questions we hear most frequently as personal injury lawyers is “Who is responsible for my medical bills if I’m hurt in a car accident?” In Pennsylvania, you would first go through your Personal Injury Protection or “PIP” coverage. Once you’ve exhausted your PIP, you would then turn to your own health insurance for the remaining medical costs.
What is PIP coverage?
Personal injury protection or “PIP” pays for your own medical costs when you’ve been hurt in an accident. This is true no matter who is at fault for the crash. This is why PIP is sometimes referred to as “no fault” insurance. Your PIP also covers you when you’re a passenger hurt in someone else’s vehicle, or if you’re hit as a pedestrian or on a bicycle.
Do I have PIP coverage on my policy?
If you’re a Pennsylvania driver, […]
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Do I need to purchase rental car insurance?
If you’re traveling this summer, you may decide to rent a car for a road trip, or just to explore your vacation destination. When you rent a car, you have the option to purchase rental car insurance at the counter. Is this a good idea, or a waste of money? The answer is that it most likely depends on what kind of insurance you already have, if any. Some drivers absolutely need to buy rental insurance, but others don’t. And chances are you probably don’t need all of the coverages they offer.
Let us explain…
The different rental car insurance options
Liability coverage – Also known as “supplemental liability coverage.” Liability coverage is required in all states. This is the coverage that applies if you hurt someone or damage their property in an auto accident. If you have sufficient liability coverage on your personal auto policy, […]
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