Insurance

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

How Much Will I Be Paid for Lost Wages?

workers compensation lawyer As Pennsylvania workers’ compensation lawyers, we often find that one of the most common problems related to workers’ comp is how little people know about it. If you’ve never been hurt at work before, the claims process can be confusing. You’ll probably have lots of questions about how and when you can recover your lost wages.

One of the most common ones is: How much will I be paid for my lost wages?

If you suffer an injury on the job that prevents you from being able to work, workers’ compensation insurance exists to cover your medical bills and your wages until you can work again. In this way, workers can recover their losses without resorting to a lawsuit. Just how much you will receive, however, can vary.

Typically, you’ll receive compensation benefits for 2/3 (or 66.6%) of your average weekly wage. […]

At Long Last, Better Underride Guards on Tractor-Trailers

New underride guards to help prevent fatalities in the event of a crash

How about some good news? After years of pressure from safety advocates, semitrailer companies are making changes.

For the first time, the Insurance Institute for Highway Safety has issued the “Toughguard” rating to semi-trailer manufacturers who pass the new underride guard crash tests. Five of eight of the largest North American semitrailer manufacturers earned top honors.

An underride guard is the metal bumper on the rear of a tractor-trailer, designed to keep smaller cars from going underneath the truck in the event of a rear-end crash. However, underride guards frequently prove ineffective, breaking or buckling in a collision. When they fail, cars slide under the rear of the trailer, crushing the cabin, as in the photo below. As you can see in the picture, vehicle occupants stand little chance of survival. […]

What to Do if Your Vehicle Breaks Down

car breaks down Car trouble can be a nightmare any time of the year, but winter weather conditions can make even common mishaps more dangerous.

According to PennDOT, it’s Winter Driving Awareness Week. We’ve already shared some winter weather driving tips to help you stay safe in the ice and snow. But what if your car breaks down? The first step to staying safe is to not panic. Check out the tips below in the case of a wintertime breakdown.

What to do if your car breaks down

1. Pay attention to your vehicle and assess the problem. If you notice steering problems, unusual noises, smoke, or other warning signs, remain calm. Don’t forget to be aware of your surroundings; note your location, put your blinker on, and find a place to pull over.

2. Carefully pull off of the road, if possible. The ideal place to pull over is, […]

The IIHS Announces 2017 Top Safety Picks

2017 top safety picks cars 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 — […]

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.