San Diego Insurance Lawyers
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The following contains information on select
sections found within insurance law:
Mortgage
In essence, Insurance law covers all legal
representations on insurance issues. Insurance law involves
the drafting of an insurance policy in which the insurance
company agrees, for a fee, to pay the insured party all or
a portion of any loss endured by an accident or death. The
losses covered by the policy may include property damage or
loss from accident, fire, theft or intentional harm; medical
costs and/or lost earnings due to physical injury; long-term
or permanent loss of physical capacity; claims by others due
to the insured's alleged negligence; loss of a ship and/or
cargo; finding a defect in title to real property; or the
loss of someone's life.
Insurance law also includes “MORTGAGE"
insurance which will pay off the remaining amount due on a
home loan on the death of the husband or wife. Life insurance
proceeds are usually not included in the probate of a dead
person's estate, but the funds may be counted by the Internal
Revenue Service in calculating estate tax. Insurance companies
may refuse to pay a claim by a third party against an insured,
but at the same time may be required to assume the legal defense
(pay attorney's fees or provide an attorney) under the doctrine
of "reservation of rights."
In the absence of insurance, three possible individuals bear
the burden of an economic loss; the individual suffering the
loss; the individual causing the loss via negligence or unlawful
conduct; or lastly, a particular party who has been allocated
the burden by the legislature, such as employers under Workmen's
Compensation statutes.
While types of insurance vary widely, their primary goal
is to allocate the risks of a loss from the individual to
a great number of people. Each individual pays a "premium"
into a pool, from which losses are paid out. Regardless of
whether the particular individual suffers the loss or not
the premium is not returnable. Thus, when a building burns
down, the loss is spread to the people contributing to the
pool. In general, insurance companies are the safekeepers
of the premiums. Because of its importance in maintaining
economic stability, the government and the courts use a heavy
hand in ensuring these companies are regulated and fair to
the consumer.
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