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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What If I Get Into a Car Accident and I Don’t Have Insurance?
Car accidents are unfortunately much more common than one might think. According to the Pennsylvania Department of Transportation, in 2020 there were 104,475 reportable traffic crashes in Pennsylvania. This means that roughly one in every 57 Pennsylvania residents was involved in a reportable accident.
If you or a loved one was involved in a crash, you may benefit from seeking out an experienced car accident lawyer. The car accident attorneys at Munley Law Personal Injury Attorneys can help. Contact us today for a free consultation to discuss the specifics of your case.
Minimum Car Accident Insurance Required in Pennsylvania
Pennsylvania law requires motorists to have both a drivers’ license and vehicle liability insurance before getting behind the wheel, according to Pennsylvania DOT Driver & Vehicle Services. Vehicle liability insurance covers medical expenses, […]
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What Are My Options If I Sustain a Burn Injury at Work?
The threat of burns can be more common than you think. In 2020 alone, more than 60,00 Pennyslvanians suffered a burn-related injury at their workplace. In the same year, The Pennsylvania Department of Health reported that more than 1,500 people in the state were admitted to hospital due to injuries sustained from hot objects, corrosive substances, or flames and fire. These injuries can be life-altering and require the utmost attention and care.
Burns damage our tissue, often due to heat, chemical contact, overexposure to the sun or other radiation, or electrical interaction. Burns can be a minimal inconvenience, but sometimes they can be deadly. You may not know for a day or two how severe a burn is, as it takes this amount of time for the signs and symptoms to fully develop. The treatment of burns can vary greatly, too. Sunburns and small scalds can more likely be treated at home, […]
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What Information Should I Obtain From the Other Driver After a Car Accident?
We all know the basics of car accident etiquette. Remain calm, check yourself and your passengers for injuries. And of course, swap contact information with the other driver(s) involved. But what additional information should you obtain from the other driver after a car accident? Further, how do you obtain that information during a stressful situation?
What Basic Information Is Needed From The Other Driver?
There is no doubt that car accidents are stressful and still, incredibly common. According to Driver Knowledge, more than 90 people die in car accidents every day.
Be it from distracted driving, driving under the influence, speeding, road conditions, etc., when a car collision occurs, drivers need to be prepared to take action immediately.
In general, […]
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What Is the Difference Between a First-Party and Third-Party Claim?
When you are involved in an accident, you may wonder where you’ll get the compensation needed to recover. Is it your insurance who foots the bill or the other parties who may be at fault? Further, can you still file a lawsuit if you have insurance? First-party and third-party insurance claims are similar in what you can recover in many ways–the key difference is in who is held liable.
Here is what you need to know about first-party and third-party insurance claims.
What Is a First-Party Claim?
In essence, a first-party insurance claim is one where you as the victim of an accident or injury make a claim against your insurance. This means you’ve paid and have an insurance policy for such events and will recover compensation from that policy.
If you have insurance, […]
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Third Party Claims & Workers’ Compensation Lawyer in Philadelphia
No one wants to experience an injury at work, but the unfortunate reality is that sometimes, these things do happen. Some jobs pose a much higher risk of injury than others; for instance, logging workers, roofers, and truck drivers experience a much higher rate of injury at work than most other people. In 209, CNBC reported that truck drivers experienced fatal injuries at a rate of 26 per 100,000.
This is in stark contrast to the overall average rate of workplace injury in the US that year, which was just 3.5 per 100,000. Refuse and recyclable material collectors are statistically even more at risk, with the most common source of injury coming from transportation incidents. In the state of Pennsylvania, construction workers have historically made up nearly a quarter of all workplace fatalities.
Whether you work in one of these industries or in a different field altogether, […]
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