How Is a Settlement Paid Out?

Insurance companies usually pay settlements for auto accidents or personal injuries. The payment can be a lump sum check, or other payment arrangements can be made for over-time payments for larger amounts. If you settle a claim for millions of dollars, this can be paid out by an insurance company in one lump sum. It is not unusual for an insurance company to settle a claim for millions of dollars in one lump sum check.

A claims adjuster and an attorney will manage the settlement of claims and payouts. This is the reason that it is imperative that you work with an attorney on all of your cases and insurance claims. If you try to go it alone, you are bound to miss something. If that does happen, you will never get a second chance to make the same claim again with an insurance company. Your losses will only be half-way reimbursed, and you will lose out on the highest settlement you could have had in this case.

What Is the Process to Getting a Settlement Pay Out?

First and foremost, you will need to submit your claim after a car accident to the insurance company of the person who is at fault for the loss. You will need to either recover compensation for your immediate bills from the insurance company that covers your vehicle, or you will get reimbursed from the insurance company of the person at fault for the loss.

If you are in a slip and fall or trip and fall accident, you will be recovering compensation from the person’s insurance company who owned the property where you were hurt. If you are injured from a defective product, then similarly you will be receiving a settlement of compensation from the manufacturer of that product. Your payout will come from the insurance company, once all of the investigation for the loss is completed.

How Is the Final Settlement Determined, and Who Determines It?

The insurance company will determine the amount of money that is appropriate for you to recover for the loss. Your attorney will also send the insurance company an amount that you feel you require for your personal injury, pain and suffering, lost wages, losses, damages and other expenses related to the loss. From there, your attorney will enter into negotiations to settle the case. You will receive a check for the recovery compensation once there is an agreement between the attorney representing you, and the insurance company.

You will need to add in any personal injury claims that are related to the loss as well. For example, if you cannot drive your car but need your car to take care of your family and work responsibilities, you may need to rent a car or pay for a car service to get around town. If this is the case, those out-of-pocket expenses can certainly add up. These expenses are also a part of your total settlement package as well. It is worth repeating that you don’t want to forget anything for the final settlement check. You can’t get a “do-over” if you forget something related to the claim. This is the reason why you want to call an experienced attorney to walk you through the process. If you do this alone, you may have issues half-way through managing the case. But it will be too late then, as the insurance companies will always settle in their favor.

Insurance Companies Are Fair, But Not to a Fault!

Insurance companies are generally fair in the way that they settle car accident claims, and claims for personal injuries. These insurance companies are big conglomerates, but they are still regulated heavily by governmental agencies. They have to be fair to the public. They are basically fair in how they settle claims, but having said that there is one catch. They will be fair, but not to a fault!

An insurance company will fairly enter into negotiations to settle a claim with you, but will not “give away the farm.” That insurance company will offer a decent amount of money to settle the claim, but you can best believe they will hold some of the money back – if they can get away with it.

Do Insurance Companies Only Settle A Few Claims A Day?

No, insurance companies settle claims all the time. They have whole departments that work with their in-house attorneys, and all they do is settle cases out. This is how they get to settle claims all day long. They will settle claims, and you are expected to settle back with them. It is otherwise called a negotiation. You will tell the insurance company how much you want, they will consider your request, then the insurance company will make an offer. At that point, you will either accept the offer or not.

If you do not accept the offer, and make a counter figure as your settlement request, then negotiations to settle will be in full swing. Finally, once a settlement package is accepted on both ends, the settlement will have ended. You will sign paperwork stating that it is a full and final settlement, never to be brought up again, and you will in a few days to weeks receive your settlement check paid in full.

Personal Injury Claims Are “Personal,” So Are Payouts

Your personal injury claim, claims for damages and losses and your other expenses are all part of your final and total settlement package. These claims are personal to you, and will be considered separately. If you need money to cover the medical bills, an insurance company will often send money to pay for verified medical bills. These bills are submitted to the insurance company, and as long as the bills are reasonable in their eyes, they are often authorized to pay the bills for you. This helps to keep the bills in check, and not affect your credit if the bills are in your personal name. The personal injuries and pain and suffering are still able to be calculated into the final settlement, because these therapies or other rehabilitation related to healing from your loss are ongoing.

Settlement Payments Cover Losses, Damages, and Injuries

Your settlement payment is meant to cover your personal injuries, medical expenses, losses, damages, pain and suffering and all incidental expenses related to your accident. Many people forget that the settlement payment is also meant to reimburse you for any future expenses that you might have.

Let’s say that you had experienced a car accident, and had an injury to your back. You won’t be able to settle and you should not settle the claim, until you know how your back is recovering. You might need additional therapies, or may need a surgery in the future if your back does not heal properly. You will want to include these and other future expected and certified expenses in your claim to the insurance company. That will guarantee that you are reimbursed completely for your loss.

If you have been in an accident or car crash, call the CEO Lawyer Personal Injury Law Firm and we will get you the highest settlement for your claim. We are here to help you get back the money that you need to become whole again after a car crash or other accident. We will work hard to get you the compensation that you deserve in every case. If you have been in an accident and have a claim for personal injuries, you need to give us a call right now. An injury and accident attorney is ready to take your call at (833) 254-2923. We look forward to hearing from you today.