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 Is a Bobtailing Truck?
A bobtail truck is a semi-truck driving without its trailer attached – a sight you may have encountered on highways and roads. While these trucks might appear more manageable and safer without trailers, this configuration introduces unique hazards. Semi-trucks are specifically engineered to haul heavy loads, and when operating without a trailer, their weight distribution and handling characteristics change significantly, creating unexpected dangers. The Federal Motor Carrier Safety Administration (FMCSA) reports that bobtail trucks account for approximately 5% of annual truck accidents. Despite their smaller profile, these vehicles can still cause devastating injuries in collisions, which is why accident victims often require the expertise of a truck accident law expert.
If you have been injured by a bobtailing truck, you need a skilled truck accident lawyer.
Bobtail Trucks in Commercial Transportation
The term bobtail truck refers to a truck, […]
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What Is a Catastrophic Injury?
A catastrophic injury can dramatically transform a person’s life in an instant. If you’ve sustained a catastrophic injury because someone else was negligent, you may deserve compensation for the long-term losses and difficulties resulting from your injuries.
First, it’s important to understand what such injuries are and how they can affect your life. If you’ve suffered a catastrophic injury due to another’s negligence, contact the catastrophic injury lawyers at Munley Law today for a free consultation.
Defining Catastrophic Injuries
What is a catastrophic injury? To some extent, that can depend on your location. Different jurisdictions have different legal definitions for catastrophic injuries. In some states, like Pennsylvania, there is no statute specifically defining these types of severe injuries.
Regardless, it’s possible to arrive at a definition of a catastrophic injury by highlighting the ways it may differ from another type of personal injury. […]
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What Is the Difference Between Catastrophic Injury vs Personal Injury?
When accidents occur due to someone else’s careless actions, the consequences can range from minor injuries to life-altering trauma. While any injury can disrupt daily life, catastrophic injuries represent a particularly devastating category of harm that goes far beyond typical personal injury cases. These profound injuries fundamentally change the path of a victim’s life, affecting not just their immediate health but their entire future.
Seeing how personal injury differs from catastrophic injury helps explain why these cases need expert legal help and careful planning for the future.
Defining Catastrophic and Personal Injuries
Some states provide specific definitions of catastrophic injuries, but many do not. Where there is no official legal definition of a catastrophic injury, understanding the topic becomes easier when comparing it to a general personal injury.
The severity of a personal injury can vary depending on many factors. Some minor injuries heal in a few days, […]
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What If Road Debris Causes Your Car Accident?
When debris flies from a vehicle and onto the road, all other drivers are at risk of being injured in road debris accidents. Perhaps you were injured in such an accident because of unsecured loads or another form of negligence. Now, you may be facing medical expenses, lost income, and a range of other struggles.
You deserve compensation if someone’s negligence caused a road debris crash. However, it’s important to consider how the process of seeking compensation in these circumstances may be unique when compared to other personal injury cases.
Understanding Road Debris Accidents
Road debris can take many forms. The following are common types of road debris that could potentially cause accidents:
- Cargo that has fallen from trucks
- Fallen trees and large tree limbs that have fallen to the ground
- Debris from a previous collision
- Tires
- Broken glass
- Litter
- Rocks
- Garbage
Don’t underestimate how dangerous road debris can put drivers at risk. […]
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What Is the Average Payout in a Wrongful Death Settlement?
A loved one’s untimely passing is always a painful experience. If your loved one passed because someone else was negligent, while nothing can bring them back, it’s important to understand that compensation may be available for various losses associated with their death.
Filing a wrongful death lawsuit allows surviving loved ones of a wrongful death victim to seek compensation for everything from
the direct financial losses of death to the emotional distress that might be more difficult to quantify after a tragic loss.
There is no standardized or officially tracked average payout for wrongful death settlements, as each case is uniquely influenced by factors such as the deceased’s age, income, future earning potential, and the circumstances of their death. Wrongful death settlements can vary dramatically based on multiple variables, including the jurisdiction’s laws, the severity of negligence involved, and whether the case involves auto accidents, […]
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