As claimants await a promised compensation from their insurance company, each of them is asked to sign a release form. What should those same claimants know,before putting their signature on that particular document?
What is the significance of that same document, once it has been signed?
Once that document contains the claimant’s signature, it puts a limit on the legal rights of the signee. It frees those that were responsible for the injury-linked accident from any worries about being held liable for further damages, that might be connected to that same accident. The signer has given up his or her rights to sue the injured and now freed party.
Facts to be noted by any claimant that has been asked to sign such a document
All claimants should get permission from their own insurance company, before adding their signature to the release form. This fact is especially important, now that some policyholders have chosen to pay for the underinsured motorist option.
If a policyholder with such an option were to become the victim in an accident that was caused by an underinsured motorist, the policyholder’s own insurance company would be expected to carry out a certain action. Those in the insurance industry would expect that company to make up the difference for any limits, as directed in the terms of the purchased option.
On the other hand, if the policyholder’s insurance company had failed to carry out that task, then the company representing the underinsured motorist would not honor the victim/claimant’s request for delivery of the compensation package. That is why the Personal Injury Attorney In San Ramon knows that the same victim/claimant would need to get permission from his/her own insurance company, before signing any release form.
Anther fact to be noted: Each claimant has 3 other obligations, as well.
—Review the terms in the release. If possible have an attorney study them, as well. Lawyers and insurance companies an take almost as long as they want, ironing out any problems with the wording in a given release form.
Smart claimants carry out the tasks of reviewing the form, and sharing the small document with an attorney, before agreeing to sign that same document.
—Check to see if the settlement money covers all of the claimed damages. If future medical needs had been claimed by the victim/claimant, then the settlement money should cover those. Claimants that fail to see evidence of such coverage should refuse to sign the insurance company’s release form.
—Check to see if anyone else could be held responsible for the injury-causing accident. If the answer were a “yes,” then the claimant might be able to get money from another source, in addition to the company that has sent the release form.