Legal Question in Insurance Law in New York
Motor vehicle accident
On 12/1/03 my 77 year old father was involved in a motor vehicle accident, where an individual claimed my fathers vehicle struck him.
My fathers insurance company stated my father was not responsible for the acccident and did not compensate the other person. In august 2006 my father received an complainant/summons advising of a law suit in queens, ny county supreme court. My father is only insuried for $100,000. I know my father is responsible for any money after $100,000 awarded to the plantiff. My fathers car insurance company has an attorney resenting my father. If my father losses the law suit in excess of $100,000. Can my fathers nyc transit pension, monthly social security check, life insurance policies be touched to satisify any money award against my father. My father also is one of four owmers of a two family house total value of the house is 700,000. Each owner part is approx $ 180,000. My mothers also resides in the house. What happens to the house. Can a lien be placed ont he house.At thsi time with this law suit in action can my father give money gifts allowed by the irs to family members. Will the money have to be returne to satifiy the law suit.
1 Answer from Attorneys
Re: Motor vehicle accident
One of the reasons that most automobile/Personal Injury actions are settled, is that the insurance company has an obligation to the insured to use good faith efforts to settle within the policy limits,and to avoid a verdict exposing the assets of the insured.
Your father's assets would be subject to an excess verdict; but first the plaintiff has to both prove liability and damages. Some assets are subject to collection and others are not. Generally, pensions are not. This is too complicated to go into further detail here. I would suggest your father go over this with an attorney in detail.
Related Questions & Answers
-
Medical Necessity Appeal I am filing an appeal to a denial of medical necessity on... Asked 8/09/06, 11:47 pm in United States New York Insurance Law
-
How can I prove someone damaged my car? I have a huge dent on my car that lines up... Asked 7/28/06, 10:22 am in United States New York Insurance Law
-
Life Insurance Policy My ex wife passed away and left me beneficery of her... Asked 7/06/06, 7:04 pm in United States New York Insurance Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
