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 Compensation Can I Get for a Philadelphia Pedestrian Accident?
If you or a loved one have an injury from a Philadelphia pedestrian accident, medical care and expenses can
accumulate quickly. Injured pedestrians have no physical protection when struck by a moving vehicle, and severe injuries are usually the unfortunate outcome. In the most devastating scenarios, a wrongful death leaves families grappling with expenses while mourning their loss.
Insurance companies will offer minimal settlements early to motivate quick turnarounds and to avoid higher payouts. Do not agree to any settlement without consulting an accident attorney; any monies accepted make future negotiations off the table. Contact an experienced Philadelphia pedestrian accident lawyer at Munley Law for your free case evaluation to help assess the value of your claim.
Damages that May Be Recovered in a Pedestrian Accident
According to the National Institutes of Health (NIH), depending on the details and nature of your injuries, […]
Read MoreMore information about Insurance
How Serious Does a Collision Have to Be for Airbags to Deploy
Airbags are designed to protect you in severe crashes, but they don’t go off in every accident. In modern vehicles, airbag sensors measure the impact and determine whether airbags should be deployed. This decision is influenced by factors such as the speed you’re traveling, the type of crash, and where your vehicle is hit. Typically, airbags will deploy in collisions at speeds over 10 miles per hour. For example, if you hit a stationary object or are involved in a rear-end collision, the airbags may go off. However, seat belts alone may be enough to keep you safe in these crashes, and the airbags might not deploy.
Vehicle Safety System and Airbags
Airbags are just one part of your vehicle’s safety system. Seat belts play a critical role in keeping you secure during a crash. They hold you in place, […]
Read MoreMore information about Insurance
What is a Workplace Injury in Harrisburg, PA?
Harrisburg, the capital city of Pennsylvania, has a diverse employment landscape, from its bustling transportation hubs and manufacturing plants to administrative roles in government sectors. Despite safety measures, workplace injuries are not uncommon. A work related injury is defined as any harm or illness sustained due to job-related activities.
Such incidents can range from minor cuts or bruises to more severe traumas. Harrisburg residents, when facing the repercussions of such misfortunes, often find themselves in a complex works compensation claim. This inevitable adds extreme amounts of stress to an already-stressful situation.
In these trying times, it is essential for injured workers to understand their legal rights. The Harrisburg workers compensation lawyers at Munley Law have extensive knowledge of Pennsylvania law. Our attorneys will work to ensure that the injured workers’ rights are protected and they secure fair compensation for their work related injuries. Call today for a free consultation with a Munley workers compensation lawyer to get your case started. […]
Read MoreMore information about Insurance
How Does PIP Insurance Work In Pennsylvania?
Personal Injury Protection (PIP) insurance in Pennsylvania is intended to help cover medical expenses and other
related costs if you’re injured in a car accident, regardless of who caused the crash. It’s like a safety net that guarantees you get immediate help paying for things like hospital bills, doctor visits, and even lost wages due to your injury. PIP immediately kicks in after an accident, providing financial support while you focus on recovering from your injuries.
What Is Personal Injury Protection (PIP)?
In Pennsylvania, PIP and “First-party benefits” (FPB) are often used interchangeably to describe the auto insurance coverage motorists must carry. This type of insurance is essential because it pays for financial losses regardless of who caused the crash.
PIP covers medical costs in the event of an accident. In some cases, it can also help with lost wages or funeral expense coverage if the accident results in a death. […]
Read MoreMore information about Insurance
How Do I Fix a Police Report if It Is Wrong?
The details in a police report can shape how your car accident case unfolds. If you spot any mistakes, don’t hesitate to speak up. Your quick action to fix errors could make a big difference in your claim or lawsuit.
What Is a Police Report?
Accurate and comprehensive police reports are essential following a car accident. These reports are critical evidence in insurance claims, personal injury lawsuits, and other legal matters. However, errors in these reports can significantly impact the outcome of your case.
Police crash reports contain vital information about the accident, such as the names and contact information of the parties involved, insurance policy numbers, and details about the scene of the accident and how it occurred. Typically, an incident report includes:
- Weather conditions and visibility on the day
- The time and date of the accident
- Details of the involved drivers (addresses, […]
