Yes, pay you as close to zero, as possible. Always ask for 3 times the amount when filing an insurance claim . Typical initial pain and suffering amount offered will be $1000.00 reguardless of the actual losses unless they are reguarded as severe. Formula to compute pain and suffering is usually: 1) Property Damage + 2)Bodily Injury + 3)Bodily Injury X 2 or up to 5 depending on permanent physical damage + 4)Lost Wages
Where I live, Alberta Canada, the maximum by law is $3000.00 Jurisdictions where the govenment was not influenced by the Insurance Companies often have higher payouts
A settlement is usually split into two parts, recovery of damages sustained, and pain/suffering (putative). For recovery of costs, the settlement is not taxed. For pain/suffering it is taxed.
There is no universal formula and each company keeps their method confidential. Generally speaking, settlement offers are based on lost income, (including future lost income), expected future medical expenses, if disabled - the cost of care for the disability, medical expenses incurred and "pain & suffering". Insurance companies will make a higher settlement with you if you ate represented by a good attorney, a lower settlement offer if you got an attorney who advertises on TV, etc and a much lower offer if you don't have an attorney.
I think it means certified independent medical examiner. Insurance companies pay doctors to examine injured people and prepare reports to determine if the insurance company will pay for medical bills or for the injury and the pain, suffering and limitations the injury caused.
No. Areas of a settlement such as medical bills, lost wages, and pain and suffering are not taxed.
A really good settlement would be one that serves the purpose it was intended for. A settlement is usually given to someone who has endured pain and suffering of some kind.
justice
Yes. The attorney works for you and your interests such as personal property, medical expenses, lost wages and settlements for pain and suffering. The insurance company, either yours or theirs, works for the insurance company and will give you only the minimum required by law based on a scale which computes market value of personal property, exact costs of medical expenses, exact lost wages from time off of work due to injury and as close to zero that they can legally come to in settling pain and suffering compensation.
You may receive a settlement for pain and suffering due to an auto accident for which you got a broken nose and whip lash. An attorney will have to represent you at a hearing.
It's not actually a refusal. It is whatever is stipulated in your policy. Insurance companies are very careful about wording in documents. Although you can appeal to the company and also through the courts. But fighting an insurance company is usually an uphill battle.
Unfortunately, you left out critical details, such as how and where the accident occurred, who was at fault, whether all involved parties are insured, and of what "pain and suffering" you are referring. Regardless, "pain and suffering" is a matter for the courts, not the insurance companies. As with any other case, at least in the USA, if the courts decide that "pain and suffering" is warranted, then the offender's insurance company would, most likely, appeal the ruling. If the appeal fails, then that insurance company is obligated to pay, assuming that the at-fault driver is so insured; otherwise, the offender's insurance company would not be involved at all, except for peripheral details, and the offender would take the brunt of the claim. If the offender wins the appeal, then the victim should appeal. As you can see, this can take a lot of time, money, and effort.
Insurance company is required to pay for actual damages. This means putting you back to where you were before the accident, not hitting the lottery to get something for nothing. There is no pain and suffering amounts.