Insurance companies have an interest in minimizing the size of the settlement they pay to protect their profit margin. Insurance companies use a variety of strategies to try to convince car accident victims to accept less money than they may actually deserve. Learn more here...
Insurance Claim Settlement
What is an insurance claim settlement?
A claim settlement is an agreement between two or more parties to settle a legal claim with payment and other terms. One of the most common forms of claim settlement involves an insurance claim, often following a motor vehicle accident. When people make claims against an insurance policy, the company reviews the claim, determines if it is covered under the terms of the policy, and offers a settlement to pay the claim. In some cases the settlement offer is accepted. In some cases, people may dispute the circumstances or amount of the claim, and the case may end up in court.
When a claim is settled, it usually cannot be reopened
It is important to know that settling a claim usually eliminates the right to make any future claims about the legal matter. If people are not satisfied with the terms of a settlement, they should renegotiate. Once a settlement is reached, the claim cannot be reopened at a later date.
Claim settlements can be resolved in trial as well
Legal cases where people are filing for civil damages are resolved with claim settlements as well. Sometimes the person being sued, called the defendant, may offer to settle before the case goes to court, a situation commonly seen when the defendant believes that going to court could result in a costly award or could create negative publicity. In other instances, a settlement is reached during court proceedings, with a judge or jury awarding damages to the plaintiff and the defendant being ordered to pay them.
Terms of a claim settlement affect both plaintiff and defendant
The terms of a claim settlement require both parties to abide by certain terms. The party paying out is required to pay out in full within a specific time frame. The party receiving a payment may be required to maintain confidentiality regarding the matter.
People who are unfamiliar with the legal system should be aware that a claim settlement can be used abusively. Before signing documents related to a settlement, the documents should be carefully reviewed by an injury lawyer.
While it’s extremely annoying when insurers deny your injury claim, it’s a routine practice. So what do you do when this happens to you?
It’s important to know that even if your personal injury seems small if it caused you significant financial trouble or pain and suffering, it may still be worth your while to make a claim.
As Erika focused on getting better, the firm went to war with the insurance company. The challenge was getting the insurance company to cover the vehicle hit by the at-fault driver, Erika’s SUV.
So, while you get a quick offer that avoids a lot of stress and hassle now, that all can come back at you in much greater force later.
From the onset of the claim we let the liability adjuster know that we believed the at-fault driver’s actions were not only negligent but completely reckless.
Texas law requires every driver to carry insurance when operating a motor vehicle. But, waving a magic wand and requiring everyone to do so by law doesn’t mean that everyone will follow through.
¿Lesionado en un Accidente Automovilístico? Siga los Siguientes Pasos Para Presentar un Reclamo por Lesiones Personales
Afortunadamente, si un conductor negligente le ha causado lesiones serias, está dentro de sus derechos buscar una compensación económica por sus lesiones si presenta un reclamo por lesiones personales.
Here are four ways to avoid damaging your personal injury case brought to you by the attorneys at Mullen & Mullen Law Firm.
So here’s some straight talk: Insurance companies do not exist to fairly compensate injured victims. They exist to make money for executives and shareholders.
In Texas, the unfortunate reality is that insurance companies have laws written in their favor. That’s the world you live in, whether you want to or not.
So, if the insurance company offers you $5,000.00 two days after the accident, you sign the release, and accept their offer, where does that leave you? Oftentimes, some injuries are not apparent so soon after an accident.
This motorcycle injury accident case illustrates just how important it is to have uninsured / underinsured motorist coverage. The minimum liability limits in Texas are just $30,000.
Finally, the stressful process of getting into a motor vehicle collision and the dealing with the injuries it caused is coming to an end. Then your attorney tells you that the insurance company also put him or her on notice of a child support lien.
Some large injury law firms might slam you through their process as fast as possible, sometimes settling for far less than your case is worth. They often do it to maximize their own profit margins.
So how do you know if you should accept the dollar amount your personal injury lawyer recommends?
This client did not have a truly objective injury I could point to. She did, however, have symptoms that mimicked those typically seen with a herniated disc. Even though the symptoms resolved, I argued to the adjuster that the injuries the client had sustained did have a significant temporary impact on her life entitling her to fair compensation.
Don’t fall for these tricks from insurance companies after an accident! They’ll try anything they can to reduce or eliminate your accident settlement.
Don’t worry, you won’t be writing it. Your lawyer will because it’s critical to present all the facts and circumstances in a way that positions you well.
We’re not talking about manipulation or exaggeration here. This is a settlement tool we need to use on your behalf to make sure you don’t get run over by the insurance company.
Despite the unfavorable venue, I was able to convince the insurance carrier for the at-fault motorist to pay the full liability policy limits. I was also able to get the client’s automobile insurer to pay substantial monies under her underinsured motorist policy.
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