Liens
This is a legal claim or guarantee attached to a personal injury settlement or judgment, ensuring that medical providers, health insurers, or government programs (like Medicare/Medicaid) get paid back for treatment costs out of the final recovery funds.
What is a "lien"?
If an at-fault driver is uninsured or has a lapsed/cancelled policy, a client may be able to receive a settlement through this type of coverage.
What is "Uninsured/Underinsured Motorist (UM/UIM) coverage"?
A client signs this legally binding contract in which a claimant or plaintiff agrees to drop a lawsuit or dispute in exchange for agreed-upon compensation
What is a "release"
Machinify, Katch, and EXL are all types of _______ vendors.
What is "subrogation"?
Scenario:
At-fault driver has $25k BI limits, client has $100k UIM
With UIM, the client's own policy is capped at whatever their limits are - it is a maximum that their insured can ever possibly recover under their own policy. So if some of the money comes from another source, like D's insurance, they are still only required to cover the person for up to their limits, which in the example is $100k. They are entitled to a reduction for the amount paid by the other source because the person is only insured for a max of $100k.
BUT in some states, it is possible to get $125k total by _______ the two policies.
What is "stacking"?
(Typically in a UM case) - Let's say the client has a $25k UM BI policy and $5k Medpay. They have a small case that settles for $10k. If they have already paid out the $5k in Medpay, they can often take a(n) _________ for it, meaning that their settlement would be comprised of one $5k Medpay check, and another $5k UM BI check, since they valued the case at $10k but then basically took a credit for $5k. Situations without a(n) ______ are great for the client because then they could get a total of $15k: $10UM BI and $5k Medpay.
What is a "set off" or "offset"?