The value of any accident, regardless of the spot where it takes place, depends on the associated damages. Of course, any accident can trigger creation of both seen and unseen damages. Insurance companies in Alberta use a well-established formula, in order to match the recognized damages with an exact figure.
What are the details on that formula?
It adds-up the figure or the specific damages and the general damages, and it refers to that total as the plaintiff’s financial loss. A specific number gets used to describe the financial loss. Users of the formula multiply the figure for the financial loss by a numerical factor. That numerical factor matches with the statistics that have been consulted. The insurer examines statistics that relate to the policy holder’s case.
What questions does the insurer ask, when examining the statistics?
• What was the total for the policy holder’s medical bills?
• Was the treatment that the doctor prescribed necessary? Did it prove effective?
• Did any victim have a pre-existing condition? If so, was that condition treated?
• Did any victim need to undergo a long-term treatment?
• Did any victim act in a way that could be viewed as contributing to the accident?
What are all the details surrounding the damages that get considered in the insurance company’s formula?
The policy holder must pay out of his or her pocket, in order to cover all of the special damages. The list of special damages includes lost wages, lost earning potential, medical expenses and general damages. The general damages can be hard to quantify, especially, when such costs get covered out-of-pocket. Your personal injury lawyer in Lethbridge takes care of all aspects of the claim.
Which of the problems that might slow a victim’s recovery could fall under into the category of general damages?
Pain and suffering: Medicine has no way to measure pain. If the victim has self-prescribed over-the-counter pain medication, then that would get paid out of the victim’s pocket.
Emotional distress: The degree of the victim’s emotional distress would depend to a great extent on how pervasively all of the damages had disrupted the victim’s life and lifestyle. Different victims can exhibit a different emotional response to the same or similar circumstances.
Future medical monitoring: This would be necessary, if the doctors had failed to arrive at an exact diagnosis. It would be hard to quantify, because the need for any new test would be determined by the results coming from an earlier test.
Disfigurement: At this point in time, medicine has no way to measure exactly the degree of disfigurement. It might be pointed to as the reason for a victim’s loss of potential earning power.
Loss of consortium: This would be considered if one or more victims had died, as the result of fatal injuries.