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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Pennsylvania Graduated License Program Aimed at Saving Teen Lives
The National Highway Traffic Safety Administration (NHTSA) reports automobile accidents are the number one cause of death for teens. Last month we urged teenagers in Pennsylvania to focus on driving carefully and following the laws when taking to the local highways to help prevent other teens from becoming a statistic. Last Thursday, the USA Today, also hoping to get the message out that teen drivers are at risk on America’s highways, published a special report entitled “Making Teen Driving Safer.”
Although the USA Today points out that nationwide deaths for 16- and 17-year-old drivers declined between 2007 and 2010, the special report hones in on the fact that every day, an average of 11 teenagers die in car crashes in the United States. The teen driving section is, in part, sponsored by Allstate Insurance that is sponsoring the “Save11” campaign to encourage Congress to pass the STANDUP Act. […]
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Car Accident Round-Up – SC Car Crash Kills Four
Car caught fire, however coroner reports victims were killed upon impact
Four Die in Fiery South Carolina Car Crash
Four friends died in a fiery car crash around 5 a.m. last Wednesday morning in Columbia, South Carolina. The four, who had been out celebrating a birthday, were traveling together in a Dodge Charger on George Rogers Boulevard when their car slammed into the Farm Bureau Insurance building at the Shop Road intersection. The car became engulfed in flames, but the coroner reports the four died upon impact. The friends were in their early 20’s. Police are continuing to investigate the accident, however, they believe speed and alcohol may have been contributing factors in the accident.
One Teen Dies, Four Injured in VA Accident
A five-car accident Monday afternoon near Rocky Mount, Virginia has claimed the life of a 17-year-old boy and left three other teens and an adult injured. […]
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Munley Supports Ban on Cell Phones While Driving
Pennsylvania car accident attorney Caroline Munley today applauded a federal agency’s recommendation for the prohibition of cell phone use by drivers of all personal and commercial vehicles.
The National Transportation Safety Board (NTSB) recommended to the National Highway Traffic Safety Administration in December that all drivers be prohibited from using cell phones and other electronic devices behind the wheel.
The proposal grew from the NTSB’s investigation of a multi-vehicle collision in Missouri in 2010 that was caused by a pickup truck driver who was distracted by a text-messaging conversation. The wreck killed two and injured 38.
“We support the NTSB’s recommendation for a complete ban on cell phone use by drivers of all motor vehicles,” said Munley of the Pennsylvania personal injury firm of Munley, Munley & Cartwright, P.C., which represents victims of car crashes and truck accidents throughout the Northeast. […]
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Lawsuit Settled in HS Football Player’s Death
A 2006 lawsuit filed by the parents of a Henderson County, KY high school football player who died during practice has finally been settled. Although the terms of the settlement are sealed, both parties said they were glad to put the dispute behind them.
The lawsuit claimed negligence against several school personnel and a doctor, but the suit dragged on while the insurance companies continued to argue over which one bore the most responsibility, according to Kentucky.com.
The 16-year-old football player died during practice on a hot, humid day in July. The defendants claimed the teen died due to an underlying cardiac condition.
The father said his son’s death had played a part in changes to state law and athletic regulations that deal with heat. While he said the settlement was a “bitter pill to swallow,” he also said that without filing the suit they would not have gotten the details surrounding their son’s death. […]
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New York Man Awarded $1.5 Million After Debilitating Auto Accident
A man who suffered “a permanent, significant physical limitation” as the result of a serious automobile accident on Route 104 in Ontario, New York, has been awarded over $1.5 million by a Monroe County Supreme Court jury.
The man was stopped at a stop light in 2009 when he was hit from behind by another vehicle. He was diagnosed with acute lumbar spine injuries. The defendant’s insurance company, State Farm Mutual Automobile Insurance Co., offered to settle the case for $5,000 and refused mediation or arbitration to settle the case, forcing the case into trial.
InsuranceNewsNet.com reports the man was awarded $1.25 million in past, present and future pain and suffering and loss of enjoyment of life, along with $321,250 in past and future medical expenses.
About Munley Law Personal Injury Attorneys
Munley Law is a Pennsylvania accident and injury law firm that represents car accident victims and their families throughout the state of Pennsylvania and the Northeast, […]
