TITLE

Factors in Estimating Compensation in Personal Injury and Wrongful Death using Actuarial Approach

AUTHOR(S)
Hashim, Haslifah; Mohamad, Massita
PUB. DATE
June 2011
SOURCE
International Proceedings of Economics Development & Research;2011, Vol. 11, p334
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
Personal injury and death will surely cause the plaintiff and their dependents facing financial problems due to loss of income, medical treatment expenses, future medical care treatment expenses and other possibilities. Court award for compensatory damages are intended to give victims a sum of money in the form of damages which will be restore the individual, in financial terms, as nearly as possible to the position they would have been in if the wrong had not been committed. The most fair settlement amount result can only be achieved based on the accuracy of a whole series of forecasts. And in order to calculate the settlement amount, various factors should be taken into consideration. Currently in Malaysia, courts use the traditional multiplicand-multiplier approach when assessing the economic losses and damages as specified by the Malaysian Civil Law Act 1956. In the United Kingdom, judges use a series of actuarial tables known as the Ogden Table that would help courts assess the size of awards to be made to personal injury and fatal accident cases. While in the United States, the human life value method is often used in court cases attempts to measure the compensatory economic damages. Therefore, this paper will discuss the factors in the Ogden Tables and human life value concept that can be used by Malaysian courts in order to develop a standard benchmark in calculating compensation for personal injury and wrongful death.
ACCESSION #
74249641

 

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