This site uses cookies. Some of these cookies are essential to the operation of the site, while others help to improve your experience by providing insights into how the site is being used. For more information, please see the ProZ.com privacy policy.
Cookie settings
preferred benefits
binding verification and declaration

Glossary entry

English term or phrase:

settlement or award

English answer:

voluntary payment or payment imposed by a court or tribunal

Added to glossary by B D Finch
Feb 29, 2020 17:07
4 yrs ago
37 viewers *
English term

settlement or award

English Other Insurance
Any insurance company or agent of an insurance company who knowingly provides false, incomplete, or misleading facts or information to a policyholder or claimant for the purpose of defrauding or attempting to defraud the policyholder or claimant with regard to a settlement or award payable from insurance proceeds shall be reported to the Colorado division of insurance within the department of regulatory agencies.
Responses
5 +2 voluntary payment or payment imposed by a court or tribunal
4 amount due to them
4 agreement and payable money
Change log

Feb 29, 2020 17:07: changed "Kudoz queue" from "In queue" to "Public"

Mar 5, 2020 10:50: B D Finch Created KOG entry

Votes to reclassify question as PRO/non-PRO:

Non-PRO (2): Lydia De Jorge, Yvonne Gallagher

When entering new questions, KudoZ askers are given an opportunity* to classify the difficulty of their questions as 'easy' or 'pro'. If you feel a question marked 'easy' should actually be marked 'pro', and if you have earned more than 20 KudoZ points, you can click the "Vote PRO" button to recommend that change.

How to tell the difference between "easy" and "pro" questions:

An easy question is one that any bilingual person would be able to answer correctly. (Or in the case of monolingual questions, an easy question is one that any native speaker of the language would be able to answer correctly.)

A pro question is anything else... in other words, any question that requires knowledge or skills that are specialized (even slightly).

Another way to think of the difficulty levels is this: an easy question is one that deals with everyday conversation. A pro question is anything else.

When deciding between easy and pro, err on the side of pro. Most questions will be pro.

* Note: non-member askers are not given the option of entering 'pro' questions; the only way for their questions to be classified as 'pro' is for a ProZ.com member or members to re-classify it.

Responses

+2
1 day 2 hrs
Selected

voluntary payment or payment imposed by a court or tribunal

"https://rhahn.com/personal-injury/the-difference-between-a-s...
There are only two ways to receive payments from insurance companies. If payment is voluntary, it’s considered a settlement. If the defendant to an injury case is sued, then the insurance company hires counsel to defend the action on behalf of the defendant. If the case is taken to trial and the plaintiff wins, then the defendant is ordered to pay the plaintiff, then it’s considered an award."

https://www.srdlawnotes.com/2017/01/distinction-between-awar...


--------------------------------------------------
Note added at 2 days 1 hr (2020-03-02 18:40:54 GMT)
--------------------------------------------------

As I noted below to Daryo, while a settlement may be the result of negotiation, it doesn't necessarily involve any negotiation. It might just be a sum (possibly a fixed sum) offered by the insurer and accepted by the insured.
Peer comment(s):
agree Daryo : more accurately: settlement = negotiated between the parties
5 hrs
Thanks Daryo. A settlement needn't be negotiated, it can just be made by the insurer and accepted by the insured party.
neutral Yvonne Gallagher : "voluntary"? don't see how this is any improvement on Phil's answer? //no it doesn't if you actually read it and it didn't warrant a disagree
15 hrs
Phil's answer ignores the difference between a settlement (voluntary) and an award (imposed by a court or arbitrator).// He wrote "They both effectively mean the same thing", but they do NOT mean the same thing at all.
agree Luis M. Sosa : I agree with your interpretation, for that that is normallly what insurance policies contemplate.
21 hrs
Thanks Luis
Something went wrong...
4 KudoZ points awarded for this answer.
4 mins

amount due to them

This is how I'd translate it. They both effectively mean the same thing: the amount that should be paid to the policyholder following negotiation or litigation.
Peer comment(s):
agree Lydia De Jorge
15 mins
agree Sarah Maidstone
51 mins
neutral Mark Robertson : Not the same. Award by a court, settlement agreed by the parties/with insurer. The source makes a distinction. The target should too?
2 hrs
That's what I said. Litigation or negotiation.
disagree B D Finch : They don't mean the same thing!
1 day 2 hrs
disagree Daryo : ways too vague // you would probably also replace "policyholder or claimant" by just one word?
1 day 8 hrs
neutral Yvonne Gallagher : yes to "the amount that should be paid to the policyholder following negotiation or litigation" but you muddy the waters in your answer. The terms simply don't "mean the same thing" even if end result is the amount due
1 day 17 hrs
neutral Luis M. Sosa : There is a difference in procedures that finally determine the payment and its amount.
1 day 23 hrs
Something went wrong...
21 mins

agreement and payable money

settlement means agreement between two parties, award means some payable money is granted to somebody by court or insurance company

https://www.eleylawfirm.com/Questions-People-Ask-Us/What-is-...
Peer comment(s):
neutral Yvonne Gallagher : you haven't really understood either of these words
1 hr
neutral AllegroTrans : you haven't really understood either of these words
18 hrs
neutral B D Finch : While you have found a reference showing the difference between a settlement and an award, your header term indicates that you have not understood it.
1 day 1 hr
Something went wrong...
Close search
Term search
  • All of ProZ.com
  • Term search
  • Jobs
  • Forums
  • Multiple search