An insurance settlement takes place dependent upon the type of claim made. As there are so many different types of insurance and obviously claims too, so for the purpose of this article we shall concentrate on personal injury in the case of an accident. Obviously there are also different types of personal injury claims that can take place also.
Essentially an injury that has been caused by another persons’ negligence can lead to such a claim. In the US, and in fact many other countries worldwide, it is a legal prerequisite to have a certain amount of insurance for personal injury and property liability before you will be allowed to drive on the roads.
Businesses also have liability insurance, particularly as they employ people and in the course of their business, expose the public to the hazards and possible injury. Take for example a supermarket chain, they employ staff and they have large numbers of public wandering through their aisles.
This insurance covers them if any of their employees are injured at work, or if one of their patrons is injured while on their premises. One of the most prolific claims against stores and shopping malls is “slips and trips”. So these businesses have to be insured against claims.
In terms of road accidents, there are 5 million of these on our highways annually, and this means that the highest percentages of insurance settlements are paid to accident victims. Of the 5 million accidents that occur each year, 2 million people receive some sort of injury.
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