In some workers’ compensation cases, your employer’s insurance company may attempt to offer you a settlement in order to resolve the issue. These settlements can come in one of two forms: a structured settlement or a lump sum. A structured settlement will grant you a certain number of payments over set period of time, while a lump sum consists of one large payment to close the case.
Payment of a structured settlement must first be approved by a district court as stated in Nevada Revised Statutes §42.030. In addition, all involved parties must be served with a notice of the petition no later than seven days before the hearing on said petition. Settlements are common for workers’ comp claims involving temporary partial disability (TPD), permanent partial disability (PPD), temporary total disability (TTD), and permanent total disability (PTD).
Once an injured worker has been examined and rated by a qualified physician, the insurance company can formulate and provide a breakdown of a settlement to the worker. This breakdown could be a simple lump sum or a structured payment plan. The breakdown involves the employee’s age, average monthly wage at the time of injury, type of injury sustained, and other factors. If you’ve been injured and have been offered a settlement, then do not accept anything without first speaking with a Las Vegas workers’ comp attorney.
The firm of Shook & Stone has handled workers’ compensation claims for many years and has recovered over $100 million for clients in settlements and verdicts. Our legal team is more than qualified to help you obtain the compensation you deserve. We will thoroughly investigate your case and determine the amount that you deserve to receive. Then, we will help you win a fair payout through a settlement or a court judgment. Contact our firm today to schedule an initial consultation.