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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.
The insurance companies want to settle claims under the true value to make money. It is very simple folks, if the insurance companies did not make money by supplying you with insurance benefits, THEY WOULD NOT PROVIDE YOU INSURANCE BENEFITS.
In the big picture, it is almost-always to the plaintiff’s advantage to wait patiently for a settlement, either negotiated higher with a lawyer’s help or won through courtroom litigation. If you absolutely cannot put compensation off any longer, talk to your attorney about what you can expect if you were to offer to settle right now. Just don’t be surprised if it is a fraction of what you deserve.
Determining the actual value of your car accident claim, and therefore how much you should ask for in return from the liable party’s insurance company, is a straightforward and simultaneously complicated process. It can be simple in terms of vehicular damage. If you have been physically injured as a result of the car accident, you will need to know the cost of your own recovery, which is far easier said than done. Read more here about how professionals determine your claim value.
Sometimes the accidents and injuries are minor, but often, someone is seriously hurt or killed in a crash. It is a terrifying experience to go through, and afterwards, many crucial decisions need to be made to ensure the physical and financial recovery of the victims. Click here to learn more about what kinds of damages are recoverable losses after being hurt in a car accident.
This type of coverage is important to consider if you're driving a financed or leased vehicle. Click this link for an article by Bill Coats Law on gap insurance - what it is, and who needs it.
Insurance law is a complex system, full of loopholes and obscure rules that can derail any consumer who files a car insurance claim. If you're fed up with the process and are ready to fight fire with fire, you're probably considering whether or not to hire a lawyer. From one personal injury attorney in Bellingham, WA, here are some things to look for in finding the best person to help you on your car accident case.
Before you settle your insurance claim, make sure you're not derailing your chances by not breaking this rule
It's called the Hamilton Rule, and if you don't factor it into your uninsured/underinsured motorist protection policy negotiations, you might put at risk getting any money from your claim. Click to read more by personal injury lawyer Bill Coats in Bellingham, Washington, and watch a video on the Hamilton Rule.
Imagine you're the victim of a car accident. You're on the phone with the adjuster from the at-fault driver's insurance company. Are you going to be able to think of all the ways this accident has and will continue to affect your life? Click here for a video on an easy-to-overlook aspect of how an injured person's life can be affected from a car accident.
If you have been injured in a car accident that wasn't your fault, it can help to hear that you're not alone. That you do have options, and there are ways to recover some of what you lost financially. It takes money to be able to recover from serious injuries like a hip dislocation and bone fractures, like this car accident victim hit by a distracted driver. Sometimes your best option is to seek legal expertise to make sure you receive a fair settlement for your damages and losses. Here is one client's story.
When you're injured in an accident, it helps to know you're not alone. A head-on collision is one of the hardest events to go through, because the resulting injuries and losses can be catastrophic. As a personal injury attorney, I have helped clients find compensation for head-on car crashes so that they can focus on the best possible life afterwards. Here's a story I'd like to share with you about someone who was hit when another car crossed the median on a highway outside Bellingham, WA.
We take to the roads throughout Bellingham and Whatcom County trusting that other drivers will have insurance. But that’s not always the case. You can well imagine the protocol as it’s supposed to happen after an accident: get medical attention for any injuries, file a police report, and exchange insurance information with other motorists involved. What happens if that last step can’t be followed because the driver has no insurance, or a policy that simply doesn’t cover all of the damages that occurred? So quickly, an already a stressful time just became even more worrisome. Click to learn more on what to do if the driver who hits you has no insurance.
Seeing children hurt is too painful for many of us to bear. When a child is hurt – or killed – in an accident, the loss is catastrophic and feels at times insurmountable to the survivors. It’s understandable to feel overwhelmed and feel there is no hope. While no one can undo what’s done, there may be help to get you through this time. If the crash occurred because of someone’s negligence, especially in cases of drunk or distracted driving, or poor road safety, the injured child or the survivors may be able to file a claim or lawsuit.