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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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, […]
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Florida Supreme Court Upholds $10.3 Million Medical Malpractice Award
The widow of a man who suffered a heart attack and died when his Palms West Hospital doctor failed to give him the anti-clotting drug Retavase will receive the $10.3 million previously awarded, according to a ruling by the Florida Supreme Court this week. The award amount was being disputed due to the $1 million medical malpractice cap put in place in Florida months after the man’s death.
The court referred to a decision rendered in July when it determined the award cap could not be applied retroactively. The man died in 2003, however, the lawsuit was not filed until 2005. The defense argued the time of lawsuit should be used and thus, the cap limits should apply.
The award amount had also been upheld by the Fourth District Court of Appeal in 2009 saying, “It is therefore well settled that retrospective laws are generally unjust.” […]
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CA Family Awarded $29.2 Million in Car Crash Lawsuit
Two children dead, one paralyzed in head-on car crash
The family of two children that died in November 2006 in a head-on collision on Highway 12 near Fairfield, California has been awarded $29.2 million by a Solano County jury. The driver of an SUV crossed the center line and slammed into the oncoming passenger car leaving the two children dead, one child paralyzed from the waist down and the mother, and driver of the car, in the hospital for 2 months recovering from her injuries.
The driver of the SUV was traveling close to 80 MPH and attempted to pass two vehicles in a no-passing zone. He was sentenced to 23 years in prison. He was found 65% liable in the case, but due to his limited insurance coverage the state will pay the majority of the award.
The state was found 35% responsible in the case for unsafe conditions on the roadway. […]
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Oklahoma Mother Files $10 Million Wrongful Death Lawsuit Against Prison
The mother of a man from Tecumseh, Oklahoma has filed a $10 million lawsuit against a prison corporation and the state in the death of her son.
Her son and his wife were vacationing in New Mexico when they were killed by two prisoners who had escaped from an Arizona prison. The lawsuit was filed against the company operating the private prison, Management & Training Corporation of Delaware, and claims the state failed to maintain the inmates and properly train the employees.
Losing a loved due to someone else’s negligence can be difficult to understand. When you are grieving, hurt and worried about the future, it is uncomfortable to talk about insurance claims, wrongful death settlements, and cash awards; however, if someone caused your loved one’s death you should seek the compensation you deserve. At Munley, Munley & Cartwright we represent individuals and families that have lost a loved one or been seriously injured due to the negligence of another. […]
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