Catastrophic and fatal injuries due to negligence or other liability may bring compensation to heirs or estate.
Personal injury damages are monetary compensation, which the law awards to one who has been injured by the actions of another. There are two types of damages: compensatory and punitive. Compensatory damages, sometimes known as "actual damages", are intended to compensate the injured party for his actual and proven losses or injury. Punitive damages are compensation in excess of actual damages and are awarded as punishment to a wrongdoer. You may hear of "liquidated damages," (contractually established damages) and "nominal damages" (a court awards a nominal amount such as one dollar). There are many court guidelines establishing what types of damages may be awarded in a given circumstance.
In today's world, a complete picture of personal injury must include information on insurance. The burden of an economic loss falls on the individual who suffers the loss, the individual causing the loss through negligence or unlawful conduct, or a third party who has been allocated the burden by the legislature (such as employers under the Workmen's Compensation Statutes) The goal of insurance is to allocate the risks of a loss from an individual to several people. Losses are paid out from a pool created by non-refundable "premiums" paid into by insured individuals, who share a risk in exchange for protection from massive loss. The insurance company becomes the safe-keeper of the premiums. Maintaining economic stability is a government function and the courts take their regulatory responsibility very seriously.
Prior to accepting an insurance settlement, it is generally wise to speak with a personal injury lawyer to evaluate your situation and to ensure that your interests are protected. Most personal injury attorneys provide free initial consultations and most will only be paid if you win your case and receive a judgment. Most frequently, personal injury attorneys will receive a percentage of the settlement awarded to you. Legal advice can save you time, trouble and money and can insure that you are treated fairly