Dallas Fort Worth Insurance Lawyer Blog

Understanding A Declarations Page Of An Insurance Policy

March 16, 2013 | Mark S. Humphreys

Weatherford attorneys and those in Willow Park, Hudson Oaks, Aledo, Springtown, Milsap, Brock and other places in Parker County need to be able to understand a declarations page in an insurance policy.

Some policies, especially first-party policies, contain a contractual time limit on claims. The policy must be read carefully to determine whether it contains a provision that otherwise alters the statute of limitations applicable to contract actions.

One example is found in the Texas Homeowners Policy — Form B (HOB). It contains a contractual two year and one day limitations period. This contractual limitations period supersedes the standard four year contractual statute of limitations period that normally exists. This provision was upheld in the 199, Texarkana Court of Appeals case, Stevens v. State Farm Fire & Cas. Co. As a result of this ruling, a breach of contract action involving the HOB policy must be brought no later than two years and one day after the homeowner’s claim is denied by the insurer.

Insurance Declarations Page

March 14, 2013 | Mark S. Humphreys

Weatherford lawyers who handle insurance cases need to be able to read and understand a declarations page. So should attorneys in Mineral Wells, Aledo, Springtown, and other parts of Parker County and Palo Pinto County.

The insuring clause is the insurance company’s agreement to provide coverage to the insured. One policy may include several insuring clauses.

The insuring clause is the foundation of the agreement and forms the basis for all obligations owed to the insured. Unless this clause provides coverage for a claim, it is unlikely that any other term of the policy will do so.

Insurance Policy Declarations Page

March 12, 2013 | Mark S. Humphreys

Dallas insurance lawyers need to be able to read an insurance policy declarations page. So do Grand Prairie, Richardson, Mesquite, Garland, and Carrollton lawyers.

Insurance policies normally have a declarations page or pages. The declarations page sets forth the identity of the insured, the policy limits, and the duration of coverage, and it identifies the attached policy forms. The San Antonio Court of Appeals and Houston Court of Appeals 14th, has said the main function of the declarations page is to customize the policy for the particular insured and the specific risks covered by the policy.

What insurance lawyers need to know is that in determining the coverage provided by an insurance policy, always to carefully review the declarations page, which will list the various forms and endorsements that constitute the complete policy. Comparing the declarations page to the actual policy is important because sometimes the insurer attaches the wrong forms or endorsements. In some situations, insurers have inadvertently omitted forms or endorsements at the time the policy is sent to the insured. By comparing the list of forms and endorsements set forth on the declarations page, it is possible to verify the precise forms and endorsements issued to the insured.

Credit Life Insurance

March 10, 2013 | Mark S. Humphreys

Fort Worth life insurance attorneys and those in Dallas and Weatherford will have occasion where they see a credit life insurance policy. These are generally sold as “credit accident and health insurance.”

The Texas Insurance Code has specific sections dealing with this type of insurance. This type of insurance is generally available in several different situations. The most common are in credit cards, auto purchases, and home purchases.

Section 1153.003 tells us that “credit accident and health insurance: means insurance to provide indemnity for payments that become due on a specific credit transaction of a debtor when the debtor is disabled, as defined in the insurance policy. Credit life insurance means insurance on the life of the debtor in connection with a specific credit transaction.

Life Insurance Policy Requirements

March 9, 2013 | Mark S. Humphreys

Fort Worth life insurance attorneys and those in Dallas and Weatherford need to know what the requirements are in a policy.

Texas Insurance Code, Section 1101.002(a), tells us life insurance policies must contain several prescribed provisions. These required provisions according to the Texas Insurance Code, generally include:

(a) Section 1101.003 says a life insurance policy must provide that the policy or the policy and the application for the policy constitute the entire contract between the parties;

Insurance And Gambling

March 7, 2013 | Mark S. Humphreys

Grand Prairie lawyers need to understand the legal purpose for insurance so that they can better advise clients about their cases.

The purpose for insurance is to compensate for a loss. It is not a way of gambling. The United States Supreme Court said in 1866, that an insurable interest is necessary for the following reasons:

To prevent gambling To reduce intentional loss To enforce the principle of equity Bringing this topic closer to the present a 1998, Tyler Court of Appeals case is worth knowing. It is styled, Stillwagoner v. Travelers Ins. Co.

Life Insurance Lawyers

March 5, 2013 | Mark S. Humphreys

Fort Worth life insurance lawyers may already know some of this – but just in case, here goes.

Life insurance pays a stated amount of benefits to the beneficiary upon the insured person’s death. The beneficiary is usually relatives but can be business partners and creditors. Usually, the policy has a “face amount value”. This would be the value paid by the insurance company upon the death of the insured. There are policies wherein the face amount is a starting point from which the amount stated is increased. An example would be a policy that pays a “double indemnity” for accidental deaths. This means that whatever the fact amount of the policy reads, such as $100,000, then that face amount doubles to $200,000 if death occurs as the result of an accident.

“Term” insurance policies pay a fixed amount stated in the policy if death occurs during the term of the policy. This is usually a stated time of 10 or 20 years.

Accidental Death Policy And Insurable Interest

March 5, 2013 | Mark S. Humphreys

Dallas insurance lawyers need to be able to understand and explain what an “insurable interest” is when asked.

A 1972, Amarillo Court of Appeals case helps explain an insurable interest. The style of the case is, North River Ins. Co. v. Fisher.

Here is some information to know:

Insurable Interests

March 3, 2013 | Mark S. Humphreys

Fort Worth insurance attorneys need to be able to advise a person whether or not they are entitled to recover under a policy of insurance. Just because a person has insurance does not mean they are automatically entitled to make a recovery on lost property. From a legal standpoint – a person must have an insurable interest.

A 1993, Dallas Court of Appeals case sheds some insight into how a person who has insurance on a piece of property, not be be able to recover for the loss of that property. The case is styled, Jones v. Texas Pacific Indemnity Company.

Here is some background:

What Is First Party Insurance?

March 2, 2013 | Mark S. Humphreys

Weatherford attorneys need to know the difference between “first party” insurance and “third party” insurance. So do attorneys in Willow Park, Aledo, Springtown, Milsap, Brock, Hudson Oaks, and all places in Parker County.

A “first party” insurance policy usually involves insurance that provides policy benefits directly to the insured or beneficiary. The Texas Insurance Code, Section 541.051(2) defines “first party claim” as a claim “by an insured or a policyholder under an insurance policy or contract or by a beneficiary named in the policy or contract that must be paid by the insurer directly to the insured or beneficiary.” These types of policies generally include health insurance, life insurance, disability insurance, homeowner’s property insurance, and commercial property insurance.

By contrast, “third party insurance” is usually liability insurance. This type of insurance is designed to insure against loss to third parties caused by the insured or another person covered by the policy. These types of policies include commercial general liability, homeowner’s liability, auto liability, and professional liability coverages.