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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Spending bill alarms truck safety advocates
Once again, the trucking industry is making people nervous.
While I was doing research for this blog post yesterday, a tractor trailer accident in our area had Interstate 81 shut down for most of the day. The driver of the truck lost his life.
Trucking is a major industry across much of the country, including in our home region of NEPA. With all these large tractor trailers on the road alongside comparatively tiny passenger vehicles, the number of heavy trucking accidents has been rising for the last four years. You’d think, then, that safety would be more of a concern for lawmakers and industry officials. Unfortunately, not everyone sees it that way.
As truck accident lawyers, this is something we feel strongly about. This post will cover what you should know about how these changes could affect you. […]
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Dog bite prevention: What everyone should know
A dog bite can turn a trip to the park into a trip to the emergency room. It can leave both physical and psychological scars.
As the weather warms up, people spend more time outdoors, especially with their pets. That means that dogs and people, particularly young children, come into contact with each other more frequently. What many people don’t think about is the possibility of a dog bite situation.
In fact, over 4 million dog bites occur each year. And while it might not sound like a serious concern, dog bites or dog attacks can be traumatizing and can result in extremely serious injuries or disfigurement. Children are more likely to be bitten by a dog than any other age group.
Fortunately, there are some ways that dog owners, parents, and everyone else can help prevent a dog bite from happening. […]
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What Not to Do After a Work Injury in Wilkes-Barre
Our Wilkes-Barre workers’ compensation lawyers already shared a few pieces of advice about what you should do if you are injured at work. But, it’s just as important to know what NOT to do in a workers’ compensation case. Here are some key things to make sure you avoid:
1. Don’t delay. The sooner you report your injury to your employer, the better. In Pennsylvania, the law requires that you notify your employer of a work-related injury within 120 days of the incident. But, it is in your best interest to report what happened immediately, even if you think your injuries are minor. What may seem like a minor incident can cause complications down the road, so it is best to have it documented.
2. Don’t lie. In a workers’ compensation case, it is crucial that you are honest with your employer and your doctor about your injuries and how they occurred. […]
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What you MUST know before buying car insurance
One of the most important factors in determining whether you are able to take legal action after a car accident is the tort option on your auto insurance policy. Unfortunately, many people don’t know what tort option they have.
Listen as Attorney Marion Munley explains the difference between full and limited tort, and why it makes a big difference.
Full Tort vs. Limited Tort
When buying car insurance In Pennsylvania, you have the option to choose full tort or limited tort. Full tort allows you to pursue legal action in the event of an accident, regardless of the severity of your injuries. Limited tort, on the other hand, limits your right to compensation in an auto accident. And, this limitation does not just apply to you – it may also apply to the other members of your household.
With a limited tort policy, […]
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Contemplating a new car? IIHS names 71 safest
Amid a series of safety issues and recalls this year, there is good news for drivers: more vehicles meet stricter safety standards in 2015.
It’s been a rough year for the auto-safety world, with recalls from GM followed by recalls from airbag manufacturer Takata affecting vehicles from seven major automakers. Last week, Takata’s president, Stephan Stocker, stepped down from his position. He will remain with the company as a board member; Chairman Shigehisa Takada will take his place. Both Takada and Stocker, as well as other Takata executives, will reportedly take 50% pay cuts in the coming months.
While Takata has refused to expand the recall on its airbags nationwide, automakers including Honda, Chrysler, Ford, Mazda, and BMW have issued a nationwide recall on their vehicles containing Takata airbags.
But, the Insurance Institute for Highway Safety offers drivers hope as they announced last week that their list of vehicles earning the two top safety ratings (Top Safety Pick and Top Safety Pick+) is nearly twice as long as last year’s – and that’s with tougher criteria. […]
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