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
7 Ways to Fast-Track Your Sandy Insurance Claim
Claim your insurance protection for damage done by Hurricane Sandy
In the wake of Hurricane Sandy, thousands of Pennsylvanians are filing insurance claims under homeowners, auto, health and even life insurance policies.
Many will face long waits and daunting paperwork.
Some insurance slowdowns are inevitable following a disaster of Sandy’s proportions. Damage estimates range from $7 billion to $50 billion, according to the Wall Street Journal.
But by taking a few simple steps Pennsylvania residents can improve the odds of their claims getting fast-tracked for approval:
- Do your homework. Take pictures or video of the damage. Before-and-after photographs, purchase records and contractor estimates for repairs are especially valuable.
- Hurry up and file your claim. “Experts say that many homeowners hesitate because they aren’t really sure if they have enough damage to merit a claim—or at least a claim that is more than the value of the policy’s deductible,” the Wall Street Journal reported. […]
More information about Insurance
CDC Statistics Show One Million Teens Drink and Drive
One million teens drink and drive, down 54 percent in 20 years
Just last week our Pennsylvania car accident attorneys reported that teens tend to mimic the unsafe driving behaviors of their parents. Now, in a new report from the U.S. Centers for Disease Control and Prevention, researchers confirmed this behavior, specifically with drinking. According to the report, “teen alcohol consumption and drinking and driving patterns are correlated with those of adults living in the same state.”
The CDC released its latest study on teen drinking, Vital Signs: Drinking and Driving Among High School Students Aged ≥16 Years — United States, 1991–2011. The report was compiled after analyzing data from the 1991–2011 national Youth Risk Behavior Surveys (YRBS) to describe the trend in prevalence of drinking and driving (defined as driving one or more times when they had been drinking alcohol during the 30 days before the survey) among U.S. […]
Read MoreMore information about Insurance
Pennsylvania Dog Laws Are Being “Aggressively Enforced”
While Governor Tom Corbett focuses on protecting Pennsylvania residents, he also ensures that those residents who can’t take care of themselves are properly cared for – including animals. Last week he announced the Dog Law Enforcement Office is aggressively enforcing the State’s dog laws to protect man’s best friend.
According to the press release, the Dog Law Enforcement Office is focused on “protecting the well-being of dogs and puppies across the state.”
“Pennsylvania has one of the toughest dog laws with the most aggressive protections for adult dogs and puppies in the nation,” said Michael Pechart, acting director of the office. And his office takes enforcement seriously. Of the nearly 300 kennels that were once in operation in the state, just 51 remain.
The Enforcement Office is also working to increase enforcement of dangerous dog laws by citing owners who fail to register their dangerous dogs with the office, […]
Read MoreMore information about Insurance
PA Legislator to Propose Cellphone Ban
This month we reported that law enforcement have been challenged when enforcing Pennsylvania’s anti-texting law. Since the law allows for talking on the cellphone, drivers can deny they were texting if pulled over and say they were calling someone. At least one Pennsylvania legislator wants to do something about it and is proposing a ban on all cellphone use behind the wheel.
The Pocono Record reports House Appropriations Minority Chairman Rep. Joseph Markosek, D-Allegheny plans to introduce the new regulations in the fall. Although the bill has not yet been circulated for co-sponsorship, Markosek believes it has support within the Democratic caucus.
The ban, that will result in a fine of $50, or $100 if driving in a school zone, work zone or highway safety corridor, is being introduced to help police enforce the current ban on texting while driving.
The Pocono Record references the Pennsylvania Department of Transportation statistics that estimate 58 deaths and more than 14,000 distracted-driving car crashes occurred in 2011. […]
Read MoreMore information about Insurance
2011 Pennsylvania Crash Statistics Reveal Pennsylvania Highways are Getting Safer
The 2011 Pennsylvania Crash Facts and Statistics booklet, published by the Bureau of Maintenance and Operations, Pennsylvania Department of Transportation, is now available. The report is a statistical review of motor vehicle crashes in Pennsylvania for the calendar year 2011.
According to PENNDOT, Pennsylvania roadways are getting safer. In fact, the 2011 fatality rate of 1.27 deaths per hundred million vehicle-miles of travel was the second lowest ever recorded in Pennsylvania since the department started keeping records of this in 1935. In addition, the 1,286 accident fatalities in 2011 were the second lowest recorded over the last 68 years.
Following are some of the key findings from the report:
- The total number of reported crashes in 2011 increased 3.4% compared to 2010, but the number of deaths decreased by 2.9%.
- In 2011, there were 125,395 reportable traffic crashes in Pennsylvania. […]
