After someone has filed a personal injury claim with an insurance company, the one that sold a policy to the allegedly responsible individual, the insurer at the same company assigns the new case to one of the company’s adjusters. Once an adjuster has been told to work on a given claim, he or she faces the task of determining the same claim’s value.
Adjusters often use a formula to calculate the claim’s approximate value.
The adjuster’s information on the size of the claimant’s medical bills functions as a known number. Unfortunately, it is difficult to assign a number to the claimant’s pain and suffering. So, the adjuster multiplies the total for all the medical bills by a figure, one that usually falls between 1.5 and 5.
If the claimant sustained only minor injuries, the adjuster would put1.5 in the formula. If the claimant’s injuries could qualify as catastrophic, then a 5, or even a larger figure might replace that smaller one. At that point the formula is almost complete. The total for the claimant’s medical bills has been multiplied by the appropriate figure. The product should be added to the value for the claimant’s lost income.
By using that formula, adjusters manage to obtain a number that can serve as the starting point of negotiations. Yet it is not as simple as it sounds. The challenge arises when the adjuster’s formula needs that one particular multiplier.
How do adjusters decide on the most appropriate multiplier?
How frequently did the claimant suffer any pain? How long did each painful sensation last? The greater the frequency and duration of the pain, both of which should be mentioned in the doctor’s report, the larger the figure that get used as the multiplier.
For how long did the victim/claimant undergo the prescribed treatment? How invasive was that same treatment? The adjuster’s choice for a number to use in the formula depends to an extent on the length and nature of the victim’s treatment. However, when the claimant hires an injury lawyer in Niles, it helps to get them a better amount as compensation.
Was the diagnosis clear? Did the recovery come soon after the accident, or only months or years later? Those are other questions that adjusters attempt to answer, while utilizing their special formula.
What do adjusters do after the formula-guided calculations have been completed?
As indicated above, the result serves as the number used at the start of negotiations. In other words, adjusters’ job involves negotiating with the claimant/victim. Ideally, those negotiations create the opening for a settlement.
When an adjuster’s estimate for a given case’s, value has been made carefully and wisely, both of the two disputing sides benefit. The claimant receives a fair compensation. Still, the insurance company does not have to make a huge and objectionable payout.