QuestionQUESTION: I was in a head on with someone who had no insurance 1/13/09.
Here is my first offer..Thursday, July 01, 2010
Re: Structured Settlement Offers
Dear Timothy,
On behalf of @$#%# of #$%^$# , I am forwarding the attached offers at a cost of $49,000 each
for you to consider in settlement of your claim. Each proposal includes up-front cash of $14,000 for
your medical bills, lost wages and future prescription drugs. The balance of the offer includes the
purchase of an annuity at a cost of $35,000. You may choose one of the enclosed proposals or we
can discuss other options.
The costs of the annuity proposals are with @$#%@^^ Insurance Company (rated A+) and are
guaranteed for seven (7) days.
The attached proposals are preliminary plans to give you an idea of the variety of payout plans that
can be developed by a structured settlement. In addition to guaranteed and tax free, the annuity
benefit streams are very flexible.
I sent them back this..
To Whom It May Concern: July 12, 2010
In Jan of 2009 I was in a head on collision. The man that hit me did not have insurance. I do have uninsured insurance on my policy thru All-state insurance. The injuries I endured from this accident were a closed head injury and damage to my leg and face. I now have a scar on my leg from this and one above my eye. I also have dark lines still under my eyes that have yet to go away. My doctor said that they probably never will. These dark lines under my eyes were a result of my face injuries and the swelling, bruising and black eyes. I am stuck with these dark lines as well as the scars. I have had to see the doctor that treated me for many months and had to have psychic testing done. I have permanent brain damage and will be on medication and will have to see my doctor for probably the rest of my life due to this injury. The pains that I go thru are headaches they start as a regular headache go to a migraine and proceed to get more excruciating. They will last approx 3 days and then just calm down to a regular headache with a lot of medication. The medications I take for the excruciating headaches also at times make me very nauseous to the point of vomiting. The excruciating headaches will come at least 4 times a month. When the headaches are excruciating I am unable to due daily activities. I have problems staying focused on my work task and daily home needs. I will have to deal with this for the rest of my life. I have lost a lot of my memory and continue to have short-term memory loss. To the point I will get lost on roads I have driven for years. When people talk I have to make them talk slow so I can even understand what they are saying at times its like I miss what was said. I continue to say wrong words when I am talking and I forget the names of people I see daily. I have to carry a notebook with me to write things down so not to forget. Which I lose on a regular basis along with other things like house keys, car keys, glasses and so on. This also causes a hardship at my work place and at home it has become very embarrassing. My depression and forget fullness is hard on my family as well as myself. I have never been a man to cry about little things or get upset but I cry still to this day an still get upset everyday.
My wife and I have been told by my Dr that we should take counseling to learn how to cope with my brain damage. My injuries have caused some issues with my wife and her trying to understand an except the way my brain works now an how I can forget so easily or not remember some things no matter how important. There are a lot of divorces with this type of injury. My personality and emotions have changed immensely it is like I am a totally different person with the same face other than the dark lines an scar. This is a daily stress on me, and my family and an embarrassment. I am refusing your offer of $49,000.00, and I will not be interested investing as your offer stated. I am demanding my policy limits of $100,000.00. I will invest the money on my own for my future needs.
The severity of my injuries that I had at the time of accident an to date you are aware of. I have provided you with accident photos as well as my injury photos. All my doctor bills, prescription medications cost an my lost time off work, travel cost to doctors an my doctors notes you have been given. These items have a dollar amount I feel my pain an suffering an my current condition as well as my future issues have not been met with your offer.
I have not heard back from them is there something else I should do? Did I demand to high for my accident?
ANSWER: I am a little confused as to why there would be a structured settlement offer. In order to speculate on what I would do, I would need to see the controlling policy. I do not think you asked for too much. $100K will never pay you for your damages.
I would call the insurance company and demand the claims manager or large loss specialist. Ask them what is going on? If they refuse to settle with you for a reasonable amount, it could be considered bad faith, which would come with exemplary and/or punitive damages for much more than the limits of the policy. Unfortunately, unless you show your teeth, they will assume you have no teeth and will offer you whatever they think you will take.
JP
---------- FOLLOW-UP ----------
QUESTION: Coverage and Deductibles as of 01/13/2009
If discrepancies exist with the coverages on the claim, the declaration page at the time of loss takes precedence.
Coverage Deductible Coverage Limit Per
Person / Occurrence
Bodily Injury Liability Not Applicable $100,000/$300,000
Medical Payments Not Applicable $5,000
Property Damage Liability Not Applicable $100,000
Roadside Help Not Applicable $50
Underinsured Motorist Bodily Injury Not Applicable $100,000/$300,000
Uninsured Motorist Bodily Injury Not Applicable $100,000/$300,000
Uninsured Motorists - Property Damage Not Applicable $10,000
not sure if this is what you wanted to see..
AnswerOkay,
Well, that information helps, but it is still curious to me that they have offered a structured settlement. Have you looked at it closely? If the limits are $100K, and they just tender the limits, then are you getting more money? I would look closely at terms of the settlement package. An annuity is a great way to get more money over a longer period of time. I can't see any other reason to offer you a structured settlement other than to attempt to provide you with more benefit than the monetary value of the policy. Look at it closely to determine exactly what is happening. It is unusual to have any type of settlement other than a cash settlement on a case where the total value is within the policy limits. I believe your injury and damages are worth far over $100K, so that may be the reason for the strange settlement offer.
I would have to review the terms in detail to make a better assessment of what is going on here. I hope this helps.
