Insurance company pays settlement with loose change

Michigan workers comp lawyer discusses the settlement process and when you can expect payment.

An NBC affiliate in Southern California has a bizarre story about a man who received settlement proceeds in the form of loose change. The insurance company dropped off $21,000 in quarters, dimes, nickels and pennies.

While this story has some people laughing it is a serious matter. It caused the plaintiff additional stress and makes a joke out of the process.

Here is what you can expect when settling a Michigan workers comp case.

Redemption

All workers comp settlements must be approved by a magistrate.  This is called a redemption hearing and you will be required to give testimony or sign an affidavit. The magistrate will be given a brief explanation as to why the workers comp case is being settled.  The magistrate will also want to hear that you understand what benefits are being given up.

Appeal Period

A workers comp settlement is not final until 15 days after the magistrate approves the redemption. This time period allows both sides to request a settlement be overturned.   A settlement cannot be overturned without good cause or a legal reason. Changing your mind is not sufficient cause.

Payment

Proceeds from a settlement are paid via check and will be mailed to the address on the redemption order. Attorney fees and direct payments will have already been taken out and mailed separately.

The insurance company will not issue checks until the settlement is final. Payment should be received about 2 weeks after the 15 day appeal period has expired.

It is possible to waive the 15 day appeal period and have a check mailed right away. Both sides must agree and the Agency needs to sign off.

In extreme circumstances, it is possible to get a check on the day of redemption.

Michigan Workers Comp Lawyers never charges a fee to evaluate a potential case. Our law firm has represented injured and disabled workers exclusively for more than 35 years. Call (855) 221-2667 for a free consultation today.

Related information:

Michigan workers comp lawyer explains the pros and cons of settlement and how to get the most money for your case.

Photo courtesy of Creative Commons, by uhuru1701.