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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Gov’t shutdown halted investigation of deadly crashes
Amid the 35-day partial government shutdown earlier this year, NTSB investigations of deadly crashes were put on hold. At this point, crucial evidence may be lost forever.
On December 22, 2018, the United
States government came to a grinding halt in what would become the longest
government shutdown in U.S. history. The
shutdown, which was temporarily brought to an end on January 25, 2019, not only
left government workers furloughed or working without pay for 35 days, but also
negatively impacted several federal agencies and organizations.
One such agency is the National Transportation Safety Board (NTSB). The NTSB is responsible for determining the probable cause of transportation accidents, promoting transportation safety, and assisting victims of transportation accidents and their families. Any delay in investigations has the potential to prevent insurance companies from paying claims to victims and their families as well as preventing justice from being served in the event of criminal cases. […]
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Trucking app promises progress, but raises safety questions
Technology has the capacity to transform the trucking industry and improve truck drivers’ way of life. Of course, that technology comes with questions about highway safety and to what extent tech companies can be held liable as their products become increasingly central to our lives.
The trucking industry is a fast-paced, competitive environment worth hundreds of billions of dollars. This market, combined with the overall unavailability of a direct and easy way for truckers to arrange the loads they haul, leaves a gap for the ever-growing technological advancement of our modern age to creep in. In 2013, Drew McElroy and Jonathan Salama took advantage of this gap to create the app “Transfix.” This app aims to make it easier for independent truckers to schedule loads, thereby decreasing the amount of time a truck may sit empty, losing money. Typically, independent truck drivers rely on freight brokers to schedule the loads they haul. […]
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What Happens if You Get in an Accident in the Company Vehicle?
Driving a company car can be both a benefit and a burden. The perks include not paying for gas out of your own pocket and not worrying about putting miles or wear and tear on your own car. But what happens when you are involved in an accident in a company car? Understanding who is at fault and must pay can be confusing.
If you are involved in an accident in a company car
and your employer purchased commercial auto insurance, the commercial auto
insurance provider will usually pay any valid claims related to the accident,
as long as the employee was using the vehicle properly at the time of the
accident. Most of the time, your employer will deal with the insurance company
directly, though you may have to answer questions or provide other evidence
upon request of the insurance company. […]
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Don’t rely on autopilot: Car safety tech still flawed, inconsistent
IIHS report on driver-assistance technology shows its flaws
New report from IIHS shows driver assist technology is still flawed and is no substitute for a fully attentive human driver. If you’re not paying attention, driver assist systems can even land you in a crash.
The Insurance Institute for Highway Safety, known for its extensive crash testing and safety ratings, investigated just how reliable driver assistance technology is. Their findings varied by brand. But, the overall conclusion was that autonomous vehicle technology has a long way to go before human drivers can feel comfortable giving up the steering wheel.
The 2017 BMW 5-series, 2017 Mercedes-Benz E-Class, 2018 Tesla Model 3 and 2016 Model S, and 2018 Volvo S90 were evaluated.
What is driver assistance technology?
Driver assistance technology refers to the features in a car designed to help prevent collisions. […]
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Hazleton Pedestrian Accident Lawyer
You were walking or jogging in Hazleton and, in an instant, everything changed. Something happened and all of a sudden you were on the ground in pain, wondering how you would be able to provide for your family.
You were injured in a pedestrian accident that wasn’t your fault.
Now it is up to you to try to put the pieces back together.
Pedestrian accidents are an all-too-common occurrence. From driver negligence to poor crosswalk engineering, there are numerous factors that can create circumstances in which pedestrians are helpless to avoid being injured. While pedestrian accidents can – and generally should – be avoided with safe driving, they continue to occur on a routine basis. Those who are at fault deserve to be held legally and financially accountable.
At Munley Law Personal Injury Attorneys, […]
