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Author Topic: Insurance Jargon on a cash settlement  (Read 683 times)

jaymac

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Insurance Jargon on a cash settlement
« on: January 25, 2020, 12:57:02 pm »

Anyone famililiar with this .In my case they have agreed to the settlement but the letter of transfer not clear to me in the last part.
We have arranged to transfer xxxxxx into the above bank account. This payment is made on a full and final basis only. This payment is not to be viewed as an interim. In the event it cannot be banked in full and final, a payment must be returned. Please return the payment within 14 days.
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Klunk

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Re: Insurance Jargon on a cash settlement
« Reply #1 on: January 25, 2020, 01:10:49 pm »

this is common. when i was last injured in a non fault car crash 5 years ago, i went back to the doctors when this offer was made. i asked 1 question. with the whiplash and shoulder injury i received,was i cured? he answered if course not. he issued me with a note to pass onto the insurers,  stating that in the short term the initial injury was not healed, but no more could be done physically. it was a further 4 years before i could say it was fully cured, and that i could actually sleep on my back. they do this to stop further clai.s down the line, as all injuries take a lit of time to heal properly
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jaymac

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Re: Insurance Jargon on a cash settlement
« Reply #2 on: January 25, 2020, 03:44:13 pm »

Thanks I thought it was something along that line but make no sense made out of the In the event it cannot be banked in full and final, a payment must be returned bit
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tigertiger

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Re: Insurance Jargon on a cash settlement
« Reply #3 on: January 25, 2020, 03:44:26 pm »

If you have not settled your claim satisfactorily, or it is reasonable to expect further costs directly related to your initial claim, then don't bank the money and return it in 14 days.
If you have come to an agreement about the settlement offered, then you should bank the money. Then the case can be closed for all parties.
By banking the money, you accept it is a final settlement. As it appears to be a bank to bank payment/transfer, if you do not accept the sum as a final payment, you must return/transfer back all of the money within 14 days. You will then need to negotiate the final settlement, which will be paid in full in a single payment at a later date.
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jaymac

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Re: Insurance Jargon on a cash settlement
« Reply #4 on: January 25, 2020, 03:49:31 pm »

 if it was a cheque that would make sense  but bank transfer? all done to confuse the mere mortals methinks
Thanks
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tigertiger

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Re: Insurance Jargon on a cash settlement
« Reply #5 on: January 25, 2020, 03:53:56 pm »

I edited my previous post. Your last reply landed on the page as I was editing. Please have another look at the edited reply.
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jaymac

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Re: Insurance Jargon on a cash settlement
« Reply #6 on: January 25, 2020, 04:29:27 pm »

Got it Tiger thanks
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RST

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Re: Insurance Jargon on a cash settlement
« Reply #7 on: January 25, 2020, 11:47:23 pm »

...Sounds to me the settlement is made in final:  Once payment is made there's a 14 day period to confirm (isn't this "normal statutory rights?").  If your settlement isn't done and dusted within, then the payment must be returned in full.  Otherwise that's it: settled in full.

The best bit of advice is NOT to accept any generic internet advice and if you are not confident, PHONE THEM and make THEM explain it plainly!  Make sure the call is recorded, or communicate by any other documented means.
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