What factors are looked at when deciding wrongful death claims? How are settlement offers calculated by insurance agengies?
2007-09-20 04:02:18 · 4 answers · asked by Gatekeeper 4 in Politics & Government ➔ Law & Ethics
age of the person, the value in society he plays, whether he has family or not...
2007-09-20 04:10:59 · answer #1 · answered by Lynn 5 · 1⤊ 1⤋
It's not dollar value of human life. Factors that are considered in settlements are: years they would have left in the work force and the value of their income if they had lived to contribute; compensation for loss of companionship; willful act that contributed to the death, etc.
Keep this in mind: The insurance company is not looking out for your bank account but theirs. NEVER negotiate with an insurance agent on your own because they will take advantage of your ignorance. ALWAYS hire an attorney to protect your interests.
2007-09-20 11:17:23 · answer #2 · answered by Laredo 7 · 2⤊ 0⤋
One measure is the value of the income the person would probably have earned. For example, if a husband and father (or working wife and mother) is killed, the person causing their death may be asked to pay a sum equal to the wages that person would have earned in his or her career, had the person lived. This compensates for the economic loss of the earnings.
2007-09-20 11:28:18 · answer #3 · answered by American citizen and taxpayer 7 · 0⤊ 0⤋
Someone figures out how much the deceased would have earned in his lifetime. Then they figure out the present value of the money. That is usually the basis for the settlement.
2007-09-20 11:12:52 · answer #4 · answered by regerugged 7 · 1⤊ 0⤋