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
Attorney Marion Munley’s Article on the Vanishing Jury Trial in The Scranton Times
As seen in The Scranton Times. America’s long and proud history has been shaped by lawyers and judges who made lasting contributions to the preservation of individual liberties guaranteed by the Constitution. To the Founders, the right to jury trial, secured by the Seventh Amendment, was on par with the right to vote and the right to free speech. In the initial draft of the Declaration of Independence, Thomas Jefferson’s litany of abuses by the king included, prominently, “depriving us of the benefits of trial by jury.”
Jefferson considered “trial by jury as the only anchor ever yet imagined by man that holds the government to the principles of its Constitution.” Jurors are true public servants who commit their time, critical thinking and impartiality to their fellow Americans. Jurors serve as checks and balances on our judicial system, and a jury trial is a fundamental right critical to our democracy. […]
Read MoreMore information about Insurance
Defending Yourself After a Trucking Accident – Advice from Dan Munley, Personal Injury Attorney at Munley Law Personal Injury Attorneys
While I’ve seen them often, it always pains me to see trucking and car accidents. The one that took place today on I-94 in Michigan City, Indiana is one of the worst semi-trailer accidents this lawyer has seen. According to NBC Chicago’s report of the accident, three deaths have already been confirmed. The crash involved over 15 semi-trailers (semi-trucks) and dozens of passenger vehicles, which were pinned underneath these large semi trucks. Many of the injured were taken to University of Indiana Health-LaPorte Hospital for treatment of injuries.
Sadly, many of these victim’s families are probably at the hospital right now, focused on their loved one’s safety, meanwhile, the law firms representing the insurance companies are likely already beginning to do everything they can to minimize compensation or reimbursement for pain and suffering. That includes making evidence disappear quickly. I know this because I’ve seen it done before in cases I’ve represented just like this. […]
Read MoreMore information about Insurance
The REAL WAY Most Bus Accident Cases Are Settled by Personal Injury Lawyers in Pennsylvania
Not all Bus Accident Cases are settled in Pennsylvania – what are some factors that lead to a case being settled? Personal injury lawyer explains:
- What percentage of bus accident cases do Pennsylvania Personal Injury Lawyers manage to settle?
- What are some factors that lead to a case settling?
- What kind of money will Personal Injury Lawyers in Pennsylvania charge to represent you in a bus accident case?
WATCH VIDEO: PENNSYLVANIA PERSONAL INJURY LAWYERS WHO WILL ANSWER QUESTIONS FOR FREE:
What percentage of bus accident cases do Pennsylvania personal injury lawyers settle?
Some bus accident cases are settled by Pennsylvania Personal Injury Lawyers before trial, some are settled at trial, and some are never settled. Your settlement amount and the chances of the case settling at all are determined by a huge amount of factors. […]
Read MoreMore information about Insurance
Most People Will Be Surprised to Hear How Much Money Pennsylvania Personal Injury Lawyers Can Get For a Bus Crash Settlement
Bus Accident Cases are complicated in Pennsylvania – there are many damages you could potentially sue for. Personal injury lawyer explains:
- What damages could you sue for?
- What percentage of bus accident cases do Pennsylvania Personal Injury Lawyers settle?
- What kinds of fees do Personal Injury Lawyers in Pennsylvania charge and when are these fees imposed?
WATCH VIDEO: THE PENNSYLVANIA PERSONAL INJURY LAWYERS AT MUNLEY LAW:
What kinds of damages can Pennsylvania personal injury lawyers recover after your bus crash?
After you or a loved one gets into an accident with a bus or while riding on one, you may be wondering what kinds of damages you could get reimbursed for if your Pennsylvania Personal Injury Lawyers are able to settle your lawsuit for you.
In a Pennslyvania Bus Accident case, […]
Read MoreMore information about Insurance
What Pennsylvania Personal Injury Lawyers Will Tell You About Insurance Policies That Big Insurance Companies Don’t Want You to Know About
Pennsylvania Law gives you two options for car accident insurance coverage: your insurance company won’t like one of them. A Personal injury lawyer from Munley Law Personal Injury Attorneys explains:
- What’s the difference between a full tort and limited tort policy?
- How much do personal injury lawyers in Pennsylvania charge you to handle your car accident case?
- Do Personal Injury Lawyers in Pennsylvania charge up-front fees?
WATCH VIDEO: PENNSYLVANIA PERSONAL INJURY LAWYERS TALK ABOUT CAR ACCIDENTS:
Pennsylvania personal injury lawyers will advise you to choose “full tort” on your policy
When trying to get money after you get hurt in a car accident, Pennsylvania law provides two options:
Full Tort
or
Limited Tort
If you choose “Limited Tort” […]
Read More
