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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Can I Sue the Insurance Company for Delaying a Claim?
Accepting the first settlement offer an insurer makes when filing a personal injury claim, auto claim, or other such claim is often unwise. An insurance company’s initial settlement offer may not represent the full amount of compensation you deserve.
However, once you do accept a settlement amount, you may expect the insurance company to issue a check relatively shortly after. Perhaps this hasn’t happened.
An insurance company may not be engaging in good faith practices if it is delaying payment unreasonably. Speak with our personal injury team at Munley Law to learn more about your options in these circumstances.
Understanding Insurance Bad Faith
There is an implied contract between an insurer and a client. Per this implied contract, the insurance company theoretically agrees to operate in good faith, meaning it will honor its obligations when doing so is necessary. […]
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What Do Workers’ Compensation Attorneys Do?
A Workers Comp Attorney Can Help You Recover
If you’re wondering “What do workers’ compensation attorneys do?” the answer is simple. When you suffer a serious injury at work, the Munley Law Personal Injury Attorneys workers’ compensation lawyers are here to help. Getting injured at work can be extremely stressful. If your injury is severe and leaves you incapable of returning to work right away, it can throw you and your family into financial uncertainty. But that can also leave you stressed, wondering “how much does
Workers’ compensation, which is money paid to employees who are injured on the job, should be readily available to all injured employees. Unfortunately, that’s not always the case. This is why you need an experienced workers’ compensation attorney on your side. They will help you navigate through the paperwork and claims process. If your case is denied, […]
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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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How Are Medical Bills Paid After a Car Accident in Bensalem?
If you’ve been involved in a car accident in Bensalem, Pennsylvania, you may be facing not only physical and emotional challenges but also the daunting prospect of dealing with medical bills. In such a stressful time, understanding how medical bills are paid can provide you with valuable information and peace of mind. At Munley Law Personal Injury Attorneys, our Bensalem car accident lawyers have extensive experience in helping car accident victims in Bensalem and the surrounding areas navigate the complex process of medical bill payment.
Insurance Coverage for Medical Bills
One of the primary sources of payment for medical bills after a car accident is insurance coverage. In Pennsylvania, drivers are required to carry a minimum amount of auto insurance, which includes:
Medical Benefits (Med Pay)
Medical Benefits, often referred to as Med Pay, is an optional but highly recommended type of auto insurance coverage for drivers in Pennsylvania. […]
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