A personal injury occurs when a person has suffered some kind of injury, which can be physical or psychological, as the result of an accident, negligence or medical malpractice. The most common personal injury claims are (motor vehicle accident), on the job injury, slip and fall, accidents caused by some kind of property hazard (premises liability), product liability and pharmaceuticals / defective drugs.
When the accident was caused by someone else, the injured party may be entitled to monetary compensation from the person whose negligent conduct caused the injury. Attorneys usually represent personal injury clients on a "contingency basis" which means the attorney does not charge for services or case expenses until the case is resolved or settled. When that happens, all costs and fees are deducted from the personal injury settlement proceeds and the plaintiff receives the rest. The Use of Structured Settlements in Personal Injury Cases
For serious personal injury cases in which the injured party was permanently disabled or killed (wrongful death lawsuit ), a structured settlement is often used to help financially protect the injury victim and his or her dependants in the future and compensate them for their loss. Structured settlement annuities are intended to provide injury victims with tax benefits and are structured to enable proper financial planning with the anticipated future financial needs of the injury victim in mind. Structured settlement annuities usually include a monthly payment amount for an extended period, often for the life of the annuitant, as well as larger lump sum payments at regular, periodic intervals. Thanks to legislation that was passed several years ago, annuitants in need of extra money can now receive a large lump sum of cash for structured settlement payments by selling off some of their future payments. |
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