INSURANCE SETTLEMENT 

Definition

Agreement(s) reached by two parties in which differences among parties are resolved and consent of future actions are granted. A plaintiff and insurance company agree to a financial payment to resolve a claim brought by plaintiff. The executed agreement is referred to as an insurance settlement.

Facts

There are more than 1,241,000 insurance settlements each year in the United States alone. Because insurance settlements are most often confidential many of the statistics relating to them are estimates. Sixty One percent (61%) of settlements reached by insurance carriers relate to personal injury claims. It is estimated by personal injury attorneys that 95% of all claims brought are settled out of court Five percent (5%) of the remaining claims are brought to trial and 3% are resolved in favor of the plaintiff while 2% are verdicts for the defendant. Workers compensation insurance settlements involve more than 421,000 injured workers in the United States each year. Insurance settlements for property represent about 39% of all insurance settlements. Insurance adjusters are responsible for handling claims and negotiating the settlement terms with the plaintiff and or their attorney. To reach a settlement with and insurance carrier, the adjuster will request all documents and facts that back up the claim. An insurance settlement cannot be reached until the damages are documented the adjuster has reviewed them carefully.

Things to consider 

Insurance settlements can be very complicated arrangements and it may be necessary to hire an attorney to represent you. The adjuster may offer you what seems to be a good financial deal, however, the hidden print may reveal many terms you didn't know about. For instance, you will give up you right to bring any follow on claims related to the same incident by accepting the insurance settlement and release. A lawyer will be able to read the fine printed legal jargon and explain it to you in an easy to understand way. Insurance carriers will first try to offer you a low settlement amount with the hope that you are financially desperate and will take it. Be very weary of their first offer to settle and by refusing their first offer, you are showing financial strength. If, however, you are in a financial bind then choose a good lawsuit funding company that can give you a cash advance against your insurance settlement. The cash advance you receive using your lawsuit claim as collateral will give you financial strength to stand up to defendant.

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