A settlement is basically a compensation that is provided by insurance companies or by parties at fault. This can be a complicated issue as it involves the fields of law and insurance.
What is an Injury Claim?
It is an appeal or demand for compensation of losses. Many times, we get injured due the actions or faults of other people. A car accident is an excellent example of such a situation, where people who are not at fault, often get injured and are burdened with unnecessary losses. There are different types of claims, such as soft tissue injury, where the injured party has not suffered huge losses, or a criminal injury claim for losses that occurred in the wake of crime. In cases where the loss or injury has been significant and almost life-threatening, one might also need to appoint a lawyer.
The legal systems all over the world have empowered their citizens with rights to claim the compensation for losses, and this is usually done in two ways:
- Court Case: The affected person who is not at fault can file a case with the regional court for compensation, which is usually granted when the party at fault or its insurance company can directly compensate for the injured party.
- Insurance Company: The insurance companies in several occasions provide the injured party with adequate compensation, which may be full or partial.
In some cases, the party at fault pays up the amount of compensation on its own without court orders. The amount of settlement can be calculated with the help of a personal injury settlement calculator, or with the help of lawyers or attorneys.
Elements of Settlement for an Injury Claim
Such a claim is not necessarily related to the health of a person. A mishap can cause multiple damages to the person's assets. Following are some of the elements which can be claimed.
This claim is a compensation for bodily damage. It includes all direct medical expenses and a specified amount for the actual pain, that the injured party goes through. The items that are included in this category are: medical expenditures and related factors, bodily pain compensation, and cost of medications. In cases of long-term injuries, the anticipated medical expenditure is also included in this claim.
Damage to Property
In case of mishaps and accidents, the injured person may lose his property, or his assets might get damaged. In such cases, the party at fault may have to compensate for these assets. For example, the party at fault may have to pay for a car accident settlement to the injured party, in case of a road accident case.
Such losses may be incurred by the injured person, where a settlement claim may also include elements such as loss of wages, ambulance rental, cost of transportation, etc.