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Three Answers to Common Questions About Personal Injury Settlements

Updated 4/20/22.

Getting a personal injury is unavoidable at times. If you are involved in an accident due to the negligence of another person, an entity, or a company, you are entitled to compensation. An accident may cause you physical, mental, or financial problems. Many are people who go unpaid due to a lack of legal knowledge and failure to follow up appropriately. If you get involved in an accident, you should seek assistance from an accident personal injury lawyer. When searching for a personal injury attorney, they are factors that you should consider. Different lawyers have different specifications. If involved in an accident, ensure that you acquire service from accident and injury lawyers.

Personal injury attorneys have different charging prices. Make sure you search for several accidental injury attorneys, compare their prices, and choose the best that fits your financial budget. There are numerous merits of having an attorney handling your case, one of them being you get compensation equal to the damage caused. It also saves you time for the legal paperwork, which can be directed to other programs in your schedule. For instance, if a personal injury caused you physical damage, it might distract your way of doing things since you might be weak health-wise. For this reason, it would be best if you consider hiring an attorney.

Personal injury insurance

Most successful personal injury cases result in settlements, which are usually compensatory damages for the injured person’s loss. This is one of the reasons that having a personal injury lawyer is so important — there is often a lot of paperwork and negotiations involved in the process of settling. Here are a few answers to common questions about personal injury settlements.

1. How do they work?
Basically, the liable party’s insurer typically covers the cost of the injury settlement. Since the majority of personal injury cases don’t even go to trial (between 95% and 96%), chances are you and your lawyer are going to have to negotiate with the insurance company. If the case does go to court, the judge will likely facilitate this negotiation and help quantify levels of liability among the parties involved.

2. What do they cover?
Settlements in personal injury cases usually cover a number of different costs related to the injury, at the time that the injury happens and in the future. Personal injury damages usually include compensation for medical expenses, pain and suffering, lost wages, and loss of ability to work but can also include loss of consortium. Pain and suffering is usually calculated according to the amount of the monetary expenses (usually multiplied by a number between one and four based on the judges discretion).

3. How do they pay out?
Personal injury damages are paid out in a couple of different ways, but in many cases structured settlements are used. The amount of the settlement can either be paid to the plaintiff in a large lump sum or in smaller, periodic increments. If it’s the latter option, the funds are placed in an annuity (for the tax shelter) and is paid out to the recipient in smaller amounts over a period of time.

Do you have any questions about personal injury settlements? Feel free to ask us in the comments section below. To see more, read this.

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