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Personal injuries can occur at work, in a vehicle—nearly everywhere. Oftentimes, the injuries are the result of the negligence of coworkers, faulty equipment, or the driving actions of others. In these types of scenarios, the plaintiff in a lawsuit is often eligible to receive some type of settlement for their personal injury. Every day, awards and settlements are provided as compensation for medical malpractice, vehicle accidents, and even dog bites. Plaintiffs in a lawsuit are typically eligible for financial compensation, derived as a lump sum or structured settlement payment.
What Should Happen First
The initial reaction of anyone that has suffered a personal injury can be crucial to their case in open court. The injured party should immediately seek out the help of a doctor or hospital. This includes what might appear to be a trivial injury just after the event. Anytime an injury is caused by some form of accident, it is imperative to make a complete and full report of the accident incident to the local police. Without any type of legal proof or medical information concerning the injury, it may be difficult or impossible to prove the case in open court in an effort to obtain financial compensation.
Paying Off a Claim
Typically, for injuries caused by an accident, the insurance company will simply disperse the funds necessary to pay for all medical bills. However, if the injured party believes that their injuries are worth significantly more than what they have been paid, it is crucial that they seek out the advice of an attorney and file a lawsuit in court. While some lawsuits are extremely difficult to win, an attorney can help the injured party decide whether they have a provable case or not.
The Court Case
After months of obtaining evidence and depositions, the plaintiff (the injured party) will work to prove his or her case in open court. Many times, the process does not get that far along and the defendant (the one guilty of causing the injury) will attempt to get the plaintiff to settle out of court. Oftentimes, the verdict in the case, or the out-of-court settlement, will result in a structured settlement annuity paid directly to the injured party instead of through a large sum.
Structured Settlement Annuity
Many times, the only option available through the court system is to accept the structured settlement award for compensation of the injury. However, it is not always the best option. Although it provides a monthly or yearly income, it might not be enough to sustain the plaintiff due to their inability to perform their job full-time or part-time.
In these situations, many plaintiffs will elect to sell their structured settlement payment plan to companies that purchase annuities. After receiving two or three qualified structured settlement quotes from reputable companies, the injured party will sell their annuity to the third party and receive a large amount of cash. Typically, the amount is based on a specific percentage of the remaining value of the policy, and any future risks involved.
Photo credit: SalFalko