Introduction
You will discover that there are many things you need to know about insurance settlements. An insurance settlement is given about a personal injury to you or your family member. This personal injury can be a result of a car accident, defective product or slip and fall accident. In many cases personal injury can be a result of medical malpractice. These are all situations in which you might end up with a insurance settlement.
Details
A settlement can come from different sources. You might file a claim against an insurance company and have them settle outside of court You can also reach a settlement from the manufacturer of a product or from the owner of a property. Settlements can also be awarded to you when you file a lawsuit against another individual. One thing you will need to do is to seek legal advice for a settlement. Legal advice can be received from a lawyer or an attorney. It is important to have an legal counselor as they will help you navigate all of the terms that are involved in settling outside of court.
Features
One set of terms to be aware of is a structured or unstructured settlement. A structured settlement is when you are given the amount awarded by the court in small set payments each month or each quarter. This is money that you can count on receiving at a set time and will continue until the full amount of the settlement is paid out to you. An unstructured settlement is a regular settlement in which the amount is paid in one lump sum. For some people this is great if they have a large amount of bills to pay. However, for other people an unstructured settlement can be overwhelming. You will become instantly rich. Not only will you acquire some new friends, but there might be the temptation to spend all of this money on houses, cars and jewelry. Without money management, an unstructured settlement can leave someone worse off than before going to court.
Tips and comments
Most of the times when we thing of settlements, we think that they are awarded after the lawsuit or claim has gone to court. This is another characteristic of a settlement that you should understand. For example, if you are in dispute with the insurance company, you can reach a settlement before going to court or while the case is being heard. Therefore, there is no specific time to receive a settlement offer. Rather keep in mind that the other party is hoping to pay out the least amount possible. Your attorney will be able to guide you on how to receive the maximum amount possible for your personal injury. When deciding on the amount you would like to settle for there is also a lot to consider. For example, a settlement should take into consideration your previous lost earnings and the loss of any future earnings. The settlement amount should also include any previous and future medical bills. This is especially true in the case of an injury in which you might have to undergo treatment for a long time.
