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Calculating Settlements - Litman & Litman, P.C. New York Trial Lawyers Construction Accidents, Car Accidents, Product Liability, Auto Accidents

Useful Terms in Motor Vehicle Accident Lawsuit Settlement or Awards

Actual Cash Value (Fair Market Value):  This is the fair market value of a vehicle at the time of the accident assuming the vehicle was damaged or destroyed. Insurance companies pay the owners the actual cash value (fair market value) if the vehicle (bus, truck or car) is considered a total loss. This does not necessarily mean that all parties will recover their vehicle property losses. Recovery of vehicle property losses depends on collision coverage amounts, negligence of the parties, and whether the accident occurred in a "no fault" or a "non-no fault" state.
Additional Insured: This is another party other than the protected person or entity named in a vehicle's insurance policy.
Automobile Insurance: Insurance protects the owner against certain losses as a result of damage to their vehicle and damages to third party vehicles as well as injuries sustained by themselves or third parties. Specific types of coverage include 1) medical payments, 2) bodily injury, 3) property damage and 4) comprehensive physical vehicle damage.
The Burden of Proof: The plaintiff is the individual who initiates a claim or lawsuit. The burden of proof lies with the plaintiff, i.e. the plaintiff must prove 1) what occurred during the accident and 2) that the fault lies with the defendant.
Case: Any action, cause, lawsuit, proceeding or controversy initiated through the court system by filing a petition, indictment or complaint.

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