A Personal Injury Lawyer is the Best Kind - They Don't Get Paid Unless You Do!

There is nothing in life that leaves you more vulnerable than being laid up because of an accident, because at that point you are able to do very little to defend yourself and your rights. What's even worse, many times you may not believe that you can afford to defend yourself and your rights, because disability is becoming increasingly harder to obtain and without your regular working wages you don't have much left over to pay an attorney at the end of the day.

Fortunately, a personal injury lawyer (at least, a good, reputable one that you would want to represent you in a court of law) is going to work on contingency rather than a flat fee scale. What does this mean? It means that your attorney's office isn't going to charge you a fee for any of their services leading up to your settlement. Once the settlement arrives they will deduct a specific percentage to cover their legal services from point A to point Z and hand the remainder of the money over to you.

This also means that they don't get paid unless you do. If you are paying a lawyer flat fee scale to represent you in a court of law, they don't care whether they win or lose-not really. Obviously they want to win (to do otherwise would be an insult to their very expensive education, and it wouldn't do good things for their reputation in the community), but they are able to shrug it off and go home at the end of the day and go home with your check in their pocket.

A Personal Injury Lawyer is the Best Kind - They Don't Get Paid Unless You Do!

A good personal injury lawyer will make the case personal to him/her by giving them an actual stake in what's involved. When they know that they are not going to get so much as a dime if they don't put as much effort into research and representation as possible, they are going to take more time with your case. A personal injury lawyer who demands money up front, on the other hand, is probably very busy (and obviously greedy) and is going to be more concerned with how they can raise your prices than how they're going to help you.

Many of the people who are injured in accidents every year do not have jobs that provide them with health insurance, which is why it's so vitally important that they be able to depend on their personal injury lawyer to represent them regardless of what they are able to pay them. A good contingency lawyer will be able to do that and a whole lot more by putting people above the almighty dollar and doing what's best for their clients...every time.

A Personal Injury Lawyer is the Best Kind - They Don't Get Paid Unless You Do!
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For more information about all types of injuries, accidents, and wrongful death lawsuits visit the Injury Lawyer Group

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Personal Injury Calculator - Top 5 Questions For Calculating Your Car Accident Claims

Using a personal injury calculator can help you figure out how much your car accident claims are worth. Here are the top 5 questions people ask about calculating the value of their auto insurance settlement.

1. How Does the Personal Injury Calculator Determine my Car Accident Claim?

The most basic formula that is known to be used for car accident injury claims is:

Personal Injury Calculator - Top 5 Questions For Calculating Your Car Accident Claims

Pain Multiplier X Medical Expenses + Loss of Income

The "pain multiplier" is a number typically between 1.5 and 5. This multiplier number is chosen based on the severity of your car accident injuries; the more serious your injuries, the larger the multiplier.

For example, a minor injury like a sprained neck is more likely to get a low multiplier (1.5-3). While a more serious and painful injury, like a broken leg, would get a higher multiplier (3-5). The multiplier range may even go to higher figures (10) for more severe and long term injuries.

The next thing that is included in the claims formula is your medical expenses, also known as "special damages." These expenses include the cost of your medical treatments, visits to the hospital, ambulance ride, X-Rays, pain medication etc.

The final thing that is added in your insurance settlement is your loss of income. This refers to the amount of income you lost as a result of your injuries. For example, if your injuries forced you to stay home from work, then your lost income would equal your daily pay rate times the number of work days you missed.

2. When Should You Use a Personal Injury Calculator?

The best time to use the injury calculator is at the end of your medical treatment. You should always have your injuries thoroughly diagnosed and examined before filing an injury claim. This gives you a more accurate estimate of your total medical expenses that should be included in your final settlement.

3. Who Should NOT Use the Personal Injury Calculator?

Most personal injury claims involve minor injuries that do not require you to immediately hire an expensive lawyer. For these types of claims, you should use the injury calculator to get a rough estimate of what your auto accident settlement might be worth.

However, there are insurance claims which cannot be handled without the help of a skilled injury lawyer. These types of car accident claims involve more serious and long term injuries like permanent disabilities, lost or severed limbs, traumatic head injuries etc. If you were severely injured, your best option is to meet with a lawyer who is familiar with claims related to your specific injuries.

4. How Accurate is the Personal Injury Calculator?

The injury calculator does not give you the exact final settlement, but an initial estimate of how much your injuries are worth to the insurance companies.

Many people would argue that the injury calculator is too simplistic. That it does not address the complexities and subtleties of an individual's personal injury claim. Others are quick to bring up Colossus, a sophisticated software program used by the insurance companies to evaluate insurance claims.

However, the biggest benefit of using the personal injury calculator is not to tell you what will be your specific settlement amount. The biggest benefit is to help you understand how your specific settlement amount will be calculated. The settlement calculator emphasizes that the range of your final settlement amount will be primarily based on:

The seriousness of your injuries. Your total medical costs. Your lost income.

These are going to be a key factors in your injury settlement regardless of which specific software program you use.

5. Should I Use the Personal Injury Calculator?

You will always have the option of bringing in a lawyer further down in the claims process. The best advice is to use the settlement calculator to get a quick assessment of what your auto accident claims can be worth.

Personal Injury Calculator - Top 5 Questions For Calculating Your Car Accident Claims
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See examples of using the injury calculator to increase your personal injury settlements.

Learn more helpful tips on dealing with your car accident claims

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How to Calculate Personal Injury Settlement

Personal injury claim is usually calculated using a personal injury settlement calculator. The calculator provides an easier way of computation in determining the amount of settlement. A injury can happen to anyone, and the settlement process is initiated when a person falls victim to an accident caused by another person due to their recklessness or negligence. In such cases, the victim is entitled to compensation from the other party. The calculators are used specifically in injury cases. They are very effective because they help one reduce the time they would have used to come up with an appropriate amount.

The calculators take into account medical expenses, hospital bills, monetary losses including the future loses, pain and suffering, lifestyle, duration of treatment and prosthetics so that you can recover some legal damages. The calculation of an injury settlement also takes into account all sets of circumstances. Most insurance companies calculate these damages beginning with the total medical expenses incurred, otherwise called medical special damages. They then add general damages. General damages take into account depression and any other non monetary claims.

The formula used to calculate injury settlement whose injuries are not so severe is: Personal injury compensation= (1.5x special damages) + income lost due to injury.

How to Calculate Personal Injury Settlement

In case the personal injury is severe leading to a lot of non monetary loss, the formula is: Personal injury compensation= (special damages x 5) + financial loss due to injury.

The calculation of personal injury normally takes into account the above factors. These factors are the ones that give fair injury settlement. Insurances have to pay you this amount. In case they don't, then consult an attorney for recovery of the losses and damages caused. You have to know what the law says about calculating injuries. Some companies take advantage of impoverished clients in an attempt to minimize damages.

How to Calculate Personal Injury Settlement
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For more information, visit chicagopiattorney.com. They're the top chicago lawyer available. If you need a chicago injury lawyer, be sure to visit their site.

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Personal Financial Planning - Risk Management

Risk management in financial planning is the systematic approach to the discovery and treatment of risk. The objective is to minimize worry by dealing with the possible losses before they happen.

The process involves:

Step 1: Identification
Step 2: Measurement
Step 3: Method
Step 4: Administration

Personal Financial Planning - Risk Management

Risk Identification

The process begins by identifying all potential losses that can cause serious financial problems.

(1) Property Losses - The direct loss that requires replacement or repair and indirect loss that requires additional expenses as a result of the loss.
(For example, the damage of the car incurs repair cost and additional expenses to rent another car while the car is being repaired.)
(2) Liability Losses - It arises from the damage of other' property or personal injury to others.
(For example, the damage to public property as a result of a car accident.)
(3) Personal Losses - The loss of earning power due to death, disability, sickness or unemployment and the extra expenses incurred as a result of injury or illness.
(For example, the loss of employment due to cancer and the required treatment cost in addition to normal living expenses.)

Risk Measurement

Subsequently, the maximum possible loss (i.e. the severity) associated with the event as well as the probability of occurrence (i.e. the frequency) is quantified.

(1) Property Risk - The replacement cost necessary to replace or repair the damaged asset is estimated by a comparable asset at the current price. Indirect expenses for alternative arrangements like accommodation, food, transport, etc, needs to be taken into account.
(2) Liability Risk - This is considered to be unlimited as it will depend upon the severity of the event and the amount the court awards to the aggrieved party.
(3) Personal Risk - Estimate the present value of the required living expenses and additional expenses per year and computing it over a predetermined number of years at some assumed interest rate and inflation.

Methods Of Treating Risk

A combination of all or several techniques are used together to treat the risk.

(1) Avoidance - The complete elimination of the activity.
This is the most powerful technique, but also the most difficult and may sometimes be impractical. In addition, care must be taken that avoidance of one risk does not create another.
(For example, to avoid the risk associated with flying, never take a flight on the plane.)
(2) Segregation - Separating the risk.
This is a simple technique that involves not putting all your eggs in one basket.
(For example, to avoid both parents dying in a car crash together, travel in separate vehicles.)
(3) Duplication - Have more than one.
This technique requires preparation of additional back up(s).
(For example, to avoid the loss of use of a car, have 2 or more cars.)
(4) Prevention - Forestall the risk from happening.
This technique aims to reduce the frequency of the loss occurring.
(For example, to prevent fires, keep matches away from children.)
(5) Reduction - Minimize the magnitude of loss.
This technique aims to reduce loss severity and can be used before, during or after the loss has occurred.
(For example, to reduce losses as a result of a fire, install smoke detectors, sprinklers and fire extinguishers.)
(6) Retention - Self assumption of risk.
This technique involves retaining the risk consciously or more dangerous as unconsciously to finance one's own loss.
(For example, having 6 months of income in savings to protect against the risk of unemployment.)
(7) Transfer - Insurance.
This technique transfers the financial consequences to another party.
(This will be covered in more detail as a topic.)

Administration Of Method

The selected methods must be implemented.

And finally to close the loop for the process, new risks must be continually identified and all risks needs to be re-measured when required. Treatment alternatives should also be reviewed.

Personal Financial Planning - Risk Management
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Aaron Lau is an independent financial adviser in Singapore. He shares his awareness of good personal financial planning in areas of:
1. Financial Goals
2. Risk Management
3. Insurance
4. Retirement Planning
5. Tax Planning
6. Estate Planning
7. Investment
8. Reviewing
Visit http://anifaview.blogspot.com/2010/02/personal-financial-planning.html

He also shares insights into how to improve your physical and financial health and wealth.
Visit http://anifaview.blogspot.com/ to find out more and receive my free ebook "A Practical Guide To Financial Success" at no charge.

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