Insurance Law
| Insurance Law> General Liability Insurance> Motor Vehicle Exclusions |
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| (The Mobile Equipment Exclusion from CGL Policy Coverage) More... |
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| Hit and Run Accidents |
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| A motorist involved in a vehicular accident is required to stop and assist injured persons. He should also provide his insurance information to the other driver. In hit and run accidents, the hit and run driver usually fails to stop because he is an uninsured motorist (UM) or his insurance is nullified by his tortious or criminal actions. More... |
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| Insurer's Duty of Good Faith and Fair Dealing in Handling Claims of Insureds and Third Parties |
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| If an insured does not think that his insurer handled his claim properly, he may have some recourse. Every contract contains an implied covenant of good faith and fair dealing that neither party will hinder the right of the other to receive the benefits of the contract. The duty imposed by this covenant applies to insurers and insureds. Some courts go so far as to hold the insurer to be a fiduciary to the insured. More... |
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| Calculation of the Loss - Actual Cash Value or Replacement Value |
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| In paying the loss suffered by a policyholder when property is damaged or destroyed, an insurance company normally will consider its obligation to be to pay the present or depreciated value of the property just before its loss. Thus, destruction of a well-used item could result in a minimal recovery for the policyholder. A policyholder may purchase a relatively inexpensive rider to the policy providing for reimbursement of the replacement value of the damaged or destroyed item. Examination of the insurance policy and any rider should provide details on coverage under the policy for either actual cash value or replacement value. More... |
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| Partnerships Entitled to Life Insurance Proceeds |
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| Generally, the legal entity of a partnership dissolves when one partner dies. However, partners may enter into an agreement during the life of the partnership to enable the surviving partners to continue with the business when one partner dies. A life insurance policy may be an appropriate means of accomplishing this purpose.
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