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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Bad Faith Insurance Lawyers
When you pay your insurance premiums month after month, you expect your provider to uphold their end of the bargain if you ever need to file a claim. Unfortunately, some insurers prioritize protecting their profits over treating policyholders
fairly. That’s when you need an experienced bad faith insurance lawyer in your corner.
A bad faith insurance attorney knows the unfair tactics insurers use, like delaying or denying valid insurance claims and refusing to pay reasonable settlements. When an insurer violates its obligations, bad faith insurance claim lawyers fight to hold them accountable.
If you believe you have a bad faith insurance claim, contact the insurance lawyers at Munley Law to schedule a free consultation.
What Constitutes Bad Faith?
Bad faith refers to an insurance carrier acting unreasonably or breaking their contractual duties and obligations to you. […]
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Workers’ Compensation Death Benefits
Losing a loved one to a workplace accident or a work-related illness is a devastating experience. In addition to the emotional toll, families often face financial hardships due to the sudden loss of income. Pennsylvania workers’ compensation death benefits are designed to provide financial support to the dependents of workers who die as a result of work-related injuries or illnesses.
Understanding Workers’ Compensation Death Benefits in Pennsylvania
Workers’ compensation is a state-mandated insurance program that provides weekly benefits to employees who suffer work-related injuries or illnesses.
The primary goal of this system is to ensure that injured workers receive prompt and fair compensation for medical expenses, lost wages, and rehabilitation costs without litigation. In return for these guaranteed benefits, employees generally forfeit the right to sue their employer for negligence, creating a balanced system that protects workers and employers. […]
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What Age Group Causes the Most Car Crashes?
Drivers aged 16 to 19 in the United States cause the most car crashes. These young drivers have the highest crash risk among all age groups. Despite being less experienced drivers, they often engage in risky driving behavior like speeding and distracted driving. Having teen passengers in the car can increase the likelihood of fatal teen crashes. Accident lawyers usually deal with cases involving young drivers who were not paying attention or driving recklessly, leading to serious accidents. Licensed drivers in this age group are more likely to be involved in motor vehicle accidents than older, more experienced drivers.
Fatal crashes are prevalent among teen drivers. The death rate for drivers ages 16 to 19 is higher than any other age group. Many factors contribute to this high rate, including their lack of experience and propensity for risky driving behavior. […]
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Workers’ Compensation Specific Loss Benefits
Workers’ compensation is a vital safety net for employees who suffer work-related injuries or illnesses. In Pennsylvania, this system ensures that injured workers receive financial support and medical care without needing to prove fault.
Among the various types of workers comp benefits, there is a special type of insurance called “specific loss benefits.” These benefits address severe, permanent injuries.
Understanding Specific Loss Benefits in Pennsylvania Workers’ Compensation
Specific loss benefits are a category of workers’ compensation benefits designed to compensate for permanent injuries that result in the loss of a body part or the loss of use of a body part, including those due to injury, occupational disease, repetitive stress, amputation, or permanent disfigurement.
Unlike general disability benefits, which compensate for lost wages, specific loss benefits are paid through your employer’s workers’ […]
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Workers’ Compensation Third-Party Claims in Pennsylvania
When workers get hurt at work or become sick due to working conditions, Pennsylvania has a legal safety net that ensures they are financially protected while recovering from their injuries. This safety net usually comes in the form of workers’ compensation insurance, which almost all employers are legally required to carry for their employees, starting on their first day of employment. Most people are familiar with this concept of filing a claim when injured on the job. However, what happens when someone other than your employer is responsible for your injury?
A third-party claim is a personal injury claim you can file if you were hurt on the job, but an outside party is responsible for your injury. This claim allows injured workers to sue the at-fault party for pain and suffering. Learn more about a third-party claim and how to file one after a workplace accident. […]
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