Some insurance settlements seem very high or very low to the casual onlooker. In Ontario the way settlements are determined is well defined. FSCO, insurance legislation, and individual circumstance are all contributing factors to the size of any settlement.
Lifetime pain and suffering and disability can be compensated for by insurance companies. Another interesting factor for consideration is the lifespan of the accident victim and the cumulative costs that they will face as they age with their injuries and require further treatment.
In order to determine fair compensation though, insurance companies need to determine the reduced lifespan of some victims. If there injuries cause them to have shorter lifespans should insurance companies consider reducing the compensation amounts? If not, then how does one compensate for a theoretical shorter life span?
What do you think?
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