If it shows random flashing colours, the display panel should be suspected. Contact any service technician or the authorized service centre for Emerson.
If you wish to get some details; check the site linked here. Pull up older posts. Surf the site with patience. http://electronicshelponline.blogspot.com/
Faults & possible causes to LCD screen are given with illustrations. You can get an idea about the fault to an extent.
Check and replace its laser pickup unit. Contact any service technician. The has to be opened to get the DVD mechanism out from the TV to get this part replaced. If you wish to get some details; check the site linked here. Viewing it in "Mosaic" will make surf easy. Surf the site with patience. Pull up older posts. Surf the site with patience.
There are difference types of Insight remotes. Each might have slightly different codes for your TV. I found the following site that might help you. It will help you step through the programming of your remote. I picked one of the remotes at random and searched for the Emerson LD195EMX and it was there. This should do the trick for you. The link is: http://www.myinsight.com/Help-cable-digital-remotecodes.asp