A tool utilized in personal injury cases, it provides an estimated value for the intangible damages stemming from an injury. These damages, unlike medical bills or lost wages, are not easily quantifiable and encompass the physical discomfort and emotional distress experienced by the injured party. For instance, following a car accident, an individual might use this tool to gain an idea of what their pain, emotional trauma, and diminished quality of life could be worth in a settlement negotiation.
Understanding the potential value of these non-economic damages is crucial for informed decision-making during settlement discussions. Historically, determining this value has been subjective, relying on legal precedent and the skill of the negotiating parties. This tool offers a starting point, promoting a more transparent and data-driven approach. Benefits include facilitating realistic expectations and potentially streamlining the settlement process.
