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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The IIHS Announces 2017 Top Safety Picks
Thinking of buying a new car? The Insurance Institute for Highway Safety announced last week their 2017 Top Safety Picks.
Out of 200 models evaluated by the IIHS, 82 vehicles made the cut.
There are two awards categories: Top Safety Pick, and Top Safety Pick Plus. To qualify for either of these lists, vehicles must earn good ratings in a series of crashworthiness tests and advanced or superior ratings for crash prevention. In all, 44 earned Top Safety Pick status, and 38 Top Safety Pick Plus.
2017 Top Safety Pick Criteria
For the 3rd year in a row, automatic braking factored significantly into vehicle safety ratings. Automakers have voluntarily pledged to make automatic braking standard in all new vehicles by 2022. The feature has already become more common in new models. And that’s a good thing — […]
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Car Fire Accident Lawyer
As you can imagine, car accidents can be extremely dangerous. Not only can you get seriously hurt but your property may be destroyed. One of the worse things that can happen follow an accident is seeing your vehicle go up in smoke. And when a car fire begins because of a defect in your vehicle, the consequences are devastating.
The Scranton car fire accident lawyers at [firm-name] have been fighting for their clients throughout the tri-state ares for the past five decades. We understand that car fires are deadly, costs thousands, and can seriously harm yourself, your family, and anyone involved in the accident. We fight tirelessly to hold those responsible for your accident.
Vehicle Fires Happen More Than You Think
According to the National Fire Protection Association, an estimated 152,300 automobile fires occurred each year between 2006 and 2010. These fires caused on average 209 deaths, […]
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Feds Urge Smartphone Makers to Help Fight Distracted Driving
The National Highway Traffic Safety Administration (NHTSA) faces an uphill battle against distracted driving. Deadly car accidents are on the rise, and electronic distractions – apps, social media, and texting behind the wheel – are to blame.
Car accident fatalities are at their highest since 2009, and 2016 has seen a nearly 10% jump over last year. Insurance companies and safety experts point to driver distraction as the most likely culprit. And it’s easy to see why. In a world where we are almost never disconnected from our phones, many smartphone apps are practically designed for use while driving. To see what an epidemic distracted driving has become, simply look to your left or right when stuck at a traffic light, observes Nick Kurczewski at Cars.com. You will more than likely see one of your fellow drivers looking down at their phone. […]
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Pennsylvania #3 in the U.S. for Deer Collisions
It’s the first day of fall. The new season brings lots to look forward to. But, for Pennsylvania drivers, it also means you’re more likely to encounter a deer on the road.
Pennsylvania is now #3 in the U.S. for deer collisions – up from #4 last year. State Farm estimates that one in 67 Pennsylvania drivers will file an insurance claim for a car accident involving a deer in 2016.
Why does the risk increase in the fall? October through December is deer mating season, which also coincides with hunting season when deer are likely to be on the move. At the same time, days are getting shorter and darkness falls earlier, reducing driver visibility.
Tips to avoid hitting a deer
- Slow down, particularly at dusk and dawn. Especially on rural roads or in wooded areas, […]
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Single Vehicle Accident Lawyer
Not all car accidents involve more than one vehicle; sometimes, it can just be a single vehicle. When this happens, you may be wondering how to proceed with your insurance. After all, who else is to blame for your accident? How will you be able to recover for your injuries? Who will pay for the damages?
When you get in a single vehicle accident, before talking to the insurance company, your first call should be to the Scranton personal injury law firm Munley Law Personal Injury Attorneys. With more than 55 years of experience in personal injury law, our team of award-winning auto accident lawyers are ready to help you get the compensation you need to recover from your injuries. We’ve helped thousands of clients in many forms of accidents and we can help you with your case.
Who May Be Responsible for Your Single Vehicle Accident
Despite what you may feel, […]
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